As the largest steel producer in India, MS life continues to make major strides in the global business map every year, many emerging key players are also foraying into this sector. Today we are going to disclose to you some lesser-known facts behind the staggering growth of our steel sector and its promising future.
Rising demand for high-quality steel products for construction
For
a sturdy foundation in this fastest-developing nation, there is always an
escalating demand for premium-grade steel products. As you know, importing
crude and ready-to-use steel for construction come expensive to influence the
overall demand and supply for steel in India. This is the reason when the steel
price goes high, so is the construction expense and the final price of the
finished products. Hence, to balance the production, demand, and supply of
quality steel products in the local market, many budding steel manufacturers are
offering a wide range of quality steel products for construction.
The rapid rise of the indigenous makers
Keeping
in pace with the giants, many regional steelmakers like MS life is
rapidly emerging as the leading steel producer in India with over 1,50,000MT of
yearly production/year. These regional key players deliver world-class steel
products, that have a huge demand in the country and beyond boundaries.
Recycling to restore resources
The
vast network of small-scale steel manufacturers in India are aptly utilizing
scrap steel to reduce the wastage of resources and manufacturing several steel
products for various applications. You will be surprised to know that almost
40% of the global steel production is processed from recycling scrap steel. In
fact, many integrated steel plants in India are utilizing 100% of the scrap
steel to reduce the waste of energy which doubles when manufacturing steel from
raw materials.
Automated facilities
Despite
some roadblocks, Indian steel is embracing innovation to propel its yearly
growth and ensure error-free quality-checking from sourcing raw material to the
finished product. Adapting to innovation has been a driving force for the steel
companies to reduce labor costs and witness staggering profit.