Ministry of Steel presents secondary steel sector awards to 26 mini steel companies

The Union Ministry of Steel on September 13, 2018 gave away secondary steel sector awards to 26 mini steel companies in recognition of their contribution to the national economy. The awards were presented by Union Minister of Steel, Chaudhary Birender Singh, at a function in New Delhi. While 12 companies were awarded gold certificates for their performance during 2016-17, 14 were awarded silver certificates.

Speaking on the occasion, Chaudhary Birender Singh said secondary steel sector contributes to more than half of the total steel production in the country. The awards have been instituted in order to encourage the secondary steel sector and enhance their global competitiveness.

Key Highlights:-

1. The strong performance of the secondary steel sector has given a significant boost to India’s steel production.
2. The sector plays a key role as a growth engine for the national economy and employment generation.
3. Encouraged by the overall potential of the sector, the Union Government has taken various initiatives to improve its performance.

India has so far achieved 103.13 million tonnes in 2017-18 in comparison to 97.94 million tonnes in the year 2016-17. The per capita consumption of steel is also steadily increasing and has reached about 69 kg per capita in the present scenario. The world crude steel production in 2017 also registered a growth rate of about 5.3 per cent in comparison to the previous year. The production stood at 1691.2 million tonnes. India ranks third globally behind China and Japan, with about 6 per cent share in the total world crude steel production. The steel industry in India contributes nearly 2 per cent to the country’s gross domestic product (GDP).

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