Construction Industry News
The steel industry is one of India's core industries and the country aims to be completely self-sufficient by 2030. India has strived for continuous modernization and improvement of steel plants to achieve higher energy efficiency levels. In FY21, production of crude steel and finished steel was 102.49 tons and 94.66 tons, respectively. According to the CARE Ratings, crude steel production is expected to reach 112-114 MT (million tons) in FY22, which is an increase of 8-9% YoY. The Government of India has taken various initiatives for the development of the steel industry, such as promoting environmentally friendly steel industry, expanding domestic steel mill capacity, greenfield capacity, establishing value-added steel clusters, etc. The Covis 19 pandemic has steel demand eroded due to less consumer demand and some players were heavily dependent on steel exports.
The industry needs a rebound strategy to overcome the losses caused by the pandemic. The construction, automotive, railway and consumer durables sectors have a direct impact on the steel industry. The construction sector is responsible for the largest steel consumption. With affordable housing projects, commercial and industrial construction will further boost steel demand in India.
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