2018 will write new success chronicles for steel manufacturing sector
In the course of 2017, engaging thoughts had been molded into success stories and innovations & technologies had shown a glimpse of a modern future. Many industries had seen a robust growth with a great planning of expansion. Such is the growth of the steel industry in India as well as across the globe.
The steel industry has undergone a deep sea change. On one hand, the world’s largest producer of steel, china forecasts a decline in the production of steel by 2018, on the other, India seems to grow in its production of crude steel. The government has lately announced a policy for providing domestically manufactured steel in government procurement. The policy seeks to accomplish PM’s ‘Make in India’ vision with an objective of nation building and encourage domestic manufacturing. India is on the verge of becoming the No. 2 steel producer in the world and the growth of infrastructural development, real-estate and automobiles has laid the foundation of a strong steel demand in India.
The government policy provides a minimum addition of 15% in notified steel products which are covered under preferential procurement. In order to provide flexibility, Ministry of Steel may review specified steel products and the minimum value addition criterion. Domestic producers and TMT bar manufactures are increasing the steel production capacities and expecting an increase in demand for steel on account of many initiatives by the government. The domestic steel production is likely to increase by 7.1%, which is why the price of steel is going to elevate more. The steel producers are expected to face cost pressure due to supply disruption and many other reasons.
After a meticulous research about the market, domestic steel producers and TMT bar manufacturers consider the high domestic steel demand a big opportunity. ARS Steel, the biggest steel manufacturer in Tamil Nadu, acknowledges the giant opportunity and endeavors to turn it into a success story. ARS Steel, the best TMT manufacturer in Chennai ensures operation excellence with latest technology and retains the best talent, which is why the company is determined to grow by leaps and bounds amidst the high domestic steel demand.