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‘Steel industry will make a comeback’
The steel industry despite a slowdown in domestic and international markets, will make a comeback soon, observed P
Visakhapatnam: The steel industry despite a slowdown in domestic and international markets, will make a comeback soon, observed P Madhusudan, CMD of RINL. He said the slowdown is not only for RINL, but also for the entire industry, he added.
Delivering a keynote address at the international seminar on “Long products-technology, market and applications’ organised by steel and metallurgy magazine here on Thursday, Madhusudan said that Indian steel industry has a lot of strength to grow in future and technology to compete in the world market.
However, he said, industry has lot of challenges like inadequate infra and logistics, high capital cost, high cost of power and fuel, non-availability of quality coal, increased inputs and operational efficiency in product development.
“Once we meet these challenges, the industry will have a bright future,” he said.
India is one of the fastest growing economies and the government’s policy to provide housing by 2022, will boost the infrastructure and as a result the steel consumption will grow in rural and urban sectors.
He opined that government’s intervention is highly needed at this point to support the steel industry by reducing the customs duty, exemption from energy sectors, curbing the cheap steel imports. Calling for adoption of “Best available technologies” to produce higher productivity with cost consciousness to survive in the industry, the CMD said India is still dependent on technology supplier from abroad, and it is the need of the hour that Indian steel companies have its own technology.
Former CMD of RINL Y Shiv Sagar Rao said there is a bright future for steel industry, as the government’s allocation for next three years at a cost of 25 billion for the development infrastructure projects in road sector and a record laying of 20 kms road a day would be a big boost to the steel industry.
He said India should compete with China by reducing imports and increasing exports further, improving techno-economic parameters and reduce the cost of production. He further stated that value added steel and new products would be developed to replace imports and to increase the revenues.
Nirmalya Mukherjee, editor of Kolkata-based Steel and Metallurgy magazine, DN Rao, director (Operations), P Raychaudhury, director (Commercial), Dr SN Rao, executive director (Materials Management), NS Rao, former director, RINL, spoke.
