Steel History
Posted By: Admin in Production, Akruthi Fabs
Steel is very important part of our daily Life. We are depending on steel for our various activities. It is a material used by all stratas of society, irrespective of the income.
It is very Eco Friendly Material. Once produced it becomes a permanent resource material, as it can be recycled up to 98%, for many life cycles without loss of it's qualities.
World average steel consumption per capita is 233 kg in 2024. India's steel consumption is 98 kg per capita in 2024, has plans for 160 kg per capita by year 2030.
India's advantage is, we have abundant natural Iron ore availability. India has 5th highest Iron ore deposits in the World. Also we have required technology to manufacture steel products, from raw material stage to "Finished product" used by consumer. This sector contributes more than 2% to GDP growth.
Hence by using more steel in our daily life, we can save lot of foreign exchange to the country, enhance our country's GDP and fulfill our commitment to grow economy. India is the 2nd largest producer of Steel at 129 million tonnes (MT) in 2023, behind China.
Amount of energy required to produce steel is being continuously reduced.
Hence it is in the centre of “Green Economy”.RECYCLING of STEEL
Steel as a material is very Safe, Strong, Durable, Efficient, Versatile and Recyclable. Globally steel is one of the most recycled material, with a recycling rate of over 60 %.
Infinite life cycles makes it very attractive. Also CO2 emissions in steel manufacturing is being efficiently reduced, which helps in reserving planet's resources.
As Steel is used by most of the core sectors, it is known as backbone of industries.
