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What Is Steel and Steel Sector ?

What Is Steel and Steel Sector ?

What Is Steel and Steel Sector ?

Steel is an alloy of iron and carbon. It is produced in a two-stage process.

  • First, iron ore is reduced or smelted with coke and limestone in a blast furnace, producing molten iron which is either cast into pig iron or carried to the next stage as molten iron.

  • In the second stage, known as steelmaking, impurities such as sulfur, phosphorus, and excess carbon are removed and alloying elements such as manganese, nickel, chromium and vanadium are added to produce the exact steel required. Steel mills then turn molten steel into blooms, ingots, slabs and sheet through casting, hot rolling and cold rolling.

India became the fourth largest steel-producing nation in the world with production of over 86.5 million tonnes (MT). This wide gap in relative steel consumption indicates that the potential ahead for India to raise its steel consumption is high.

Being a core sector, steel industry tracks the overall economic growth in the long term. Also, steel demand, being derived from other sectors like automobiles, consumer durables and infrastructure, its fortune is dependent on the growth of these user industries.

 

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