Steel Sector Strives for Growth Amid Low Prices and Strategic Investments
The steel industry faces challenges due to low market prices, affecting small companies significantly. Despite these hurdles, there is increased consumption and capacity expansion. The government is taking measures, including imposing safeguard duties, to support domestic producers and promote specialty and green steel for strategic growth.
- Country:
- India
The steel industry is currently grappling with low prices, a problem exacerbated by surplus production and imports impacting domestic companies. Steel Secretary Sandeep Poundrik highlighted these challenges at the 'STEEL SUMMiT 2025', noting the difficulties small players face and the subsequent halt in production for many.
To bolster the domestic industry, the government has imposed safeguard duties on imported steel and is encouraging investments in specialty and green steel. There is a concerted effort to foster self-reliance, with increased domestic consumption and efforts to boost the use of domestic coking coal in production.
Industry leaders underline the sector's critical role in India's development, with plans to significantly increase capacity by 2047. Strategic investments, focus on sustainability, and ensuring quality are key to achieving a competitive and robust steel ecosystem in India.
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