Overview of Steel Industry - Challenges and Strengths of RINL, VSP

Abstract

Steel may be the most widely used input material in manufacturing sector. This is mainly due to its excellent mechanical properties, resistance to corrosion and low cost. It is used in many industries and varied applications. In general, the demand of steel is cyclic in nature. When the economy is in upward trend, steel demand increases and drops down during economic down turn. Towards the end of 2014, China started oversupply of steel and this caused the steel price drop to the lowest ever. Global steel scenario analysis from 2016-17 to 2019-20 along with Indian Economy and status of Indian Steel Industry as well as strategies adopted by RINL for success during the period from 2016-17 to 2019-20 were analysed and described in detail in this paper. In this paper authors made an effort to present the overview of global Steel Industry, the status of Indian Steel Industry during 2016-17 to 2019-20. The paper also highlights the strategies adopted by RINL, Visakhapatnam Steel Plant to face the challenges during the said period.