A customer meet for boosting steel consumption in the state of Haryana was organised at Jind recently by Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL), the 2 major steel PSUs under the Ministry of Steel.
The meet was arranged at a time when India is amongst the few world markets where steel consumption has better prospects and steel demand is expected to grow on the back of the central government’s sustained spending on infrastructure, construction, housing, smart cities, Make in India etc initiatives, according to an official release.
Addressing the meet, Steel Minister Chaudhary Birender Singh said, “Haryana is an industrially as well as agriculturally developed state which is widening its scope of development for industries and this will present good opportunity for improved steel consumption.”
Expressing his confidence over the domestic steel industry, including SAIL and RINL, the minister said: “The domestic steel industry should exhibit a sense of urgency in leveraging its R&D strength, thus improving its cost efficiencies. The domestic steel producers should take all steps to promote use of steel at the earliest as time is of essence in the fast changing business scenario. SAIL and RINL should quickly stabilise their modernised facilities, maximise their performances and strengthen the domestic sector.”
The average per capita consumption of steel in India is below 60 kg and in rural India a mere 12 kg, thus providing ample opportunity to boost steel consumption.
While the steel market is globally challenging, the domestic industry must take innovative steps to enhance the country’s steel consumption and counter the effects of cheap imports by its cost-effective and quality steel. Domestic industry should use design and product engineering for enhancing steel consumption by establishing steel’s cost effectiveness, quality and durability as a material for construction in sectors like infrastructure, transportation and urban development, the release stated.