According to the reports, India has outpaced Japan in context to steel production as the globe’s second largest nation with a growth of 4.9%. (https://www.financialexpress.com/opinion/future-of-steel-in-india-indian-firms-can-be-more-competitive-adopting-advanced-analytics/1504140/)
That means the position of India in the international steel sector is getting a high ranking with firms adopting advanced analytics which offer a positive impact on the economy. The reason for such growth is the availability of raw materials like iron ore, and cost-effective labour. Mainly, the steel industry is categorized into three types i.e. major, main, and secondary.
Moreover, as China retained its original position as the world’s largest producer of steel, their crude steel output has also jumped tremendously which is outstanding. In a recent study, it was found that China and India have seen a dramatic surge in this sector i.e. 928.3 million tonnes MT in 2018 from 870.9 MT in 2017. India has also seen a continuous boost of 206 MT from 106 MT in both fiscal years (2018-2017). (https://www.financialexpress.com/opinion/future-of-steel-in-india-indian-firms-can-be-more-competitive-adopting-advanced-analytics/1504140/)
The demand for steel in the future in various sectors is escalating day by day because of infrastructure and metal fabrication. These fields need steel to satisfy the demands of modern customers in renovating home and industries. Other than this, other sectors which are utilizing steel are ground transportation, petrochemicals, power generation, and fertilizers. Regards to all these things, the time is no far when every product made up steel will be marked as “Made in India”.
Right now, the main challenge of the steel industry is making the domestic steel sector globally competitive. In order to make things, coking oil is very crucial. So nowadays, India is importing 80% of this oil from Australia. But sometimes, this oil is accessible at $60 per tonne and on the other morning, it jumps to $200 per tonne.
Hence, the Indian government is researching to replace the coking oil with some innovative technology so that the future of the steel sector becomes brighter. The Indian government is giving stress on R&D innovation so that we will be globally strong with the use of cutting edge technology. The overall growth of steel companies can only be attained when steel becomes the material of choice in numerous other organizations too.
To embark the digital transformation journey of steel, the first step comes is collaborating with all the stakeholders to define the business requirements. It has become an essential point to instil advanced analytics culture within the steel manufacturing industries. Like:
- Helping the workforce to establish core analytical skills while continuing their journey with steel companies
- Defining standards through the centre of excellence
- Building steel foundation through digitalization such as volume, velocity, and variety
- Offering that type of infrastructure to the plant employees so that they become exemplars of analytics
In summary, the position of India in steel production is high which is a piece of great news. Indeed, with improved efficiencies, cost-effectiveness, and better management of resources steel companies are on the path of more expected growth. Where in, the Govt. of India will keep implementing such policies which make the country’s position to number one.