The Iron and Steel Industry
The Iron and Steel Industry
The Iron and Steel Industry: Iron and steel is one of the most important and basic industries of a modern economy. The iron and steel industry India started on a modest scale. But it soon grew by leaps and bounds. In 1907, the Tata Iron and steel Company were founded by the visionary Jamsetji Nusserwanji Tata in Jamshedpur, Jharkhand. This was the first Indian-owned steel producing unit in India.
The history of the modern iron and steel industry began in the late 1850s; iron and steel has become a staple of the world's industrial economy. This article is intended only to address the business, economic and social dimensions of the industry, production of in 1857. Previously, steel was very expensive to produce, and was only used in small, expensive items, such as knives, swords and armor.
As the world's 3rd largest producer of steel, India has humongous scope for developing its mining reserves for iron ore. Indian Steel sector's contribution to the overall Gross Domestic Product (GDP) of the country is above 2% during 2018. The total exposure of steel industry is about Rs. 3.13 lakh crore rupees.
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