India is richly provided with significant qualities of iron ore. It’s quite natural therefore, the steel industry in the country is amongst the first and the most created sectors contributing strongly to India’s economy. The period between 2004 and 2008 was especially fruitful for the Indian steel industry, but the global meltdown of 2008 did bring about an ultimate downturn. However, since 2010, the industry has experienced betterment of sorts after going through a stagnant phase. While China, Japan, and the United States were ahead of India in processing crude steel until a couple of years ago, India is poised to hold the second spot in the world very shortly. Worldwide figures specify that the Indian steel Industry’s market value could reach the amazing figure of USD 95 billion by 2016, just two years from now. In this industry, you have to select which is the best steel dealers and steel suppliers in Chennai to grow your business.
Reflecting the overall the economic structure over the long term, steel is a core sector that supplies employment to over 550000 people and practically makes up 2% of the overall GDP of the country. Industry experts in the World Steel Association evaluate that despite political uncertainty and economic deceleration in China, the demand for steel in India alone is expected to increase by over three times in 2014. This is also fueled by derivatives of the requirement for steel in other related sectors like infrastructure, consumer durables, and automobiles.
The fairly recent liberal re-mold in industrial policy has given a definite boost to new entrants in the steel private sector. The use of crude and finished steel is expected an amount to more than 76 million tons this year. Exports too are growing at an impressive rate. The iron ore pellet exports have shown a rise of nearly eleven times their figure just last year. The ministry of steel is also in talks with other nations such as Tanzania to give powerful support to cooperative initiatives in steel and mining activities.
As more and more people continue to move to urban areas throughout the world, the need for steel is bound to escalate. The usage of steel will grow higher and higher because of the usage of steel. To get related information about steel then visit the related site MS steel suppliers in Chennai.