Top 10 Best Steel Manufacturing Company In India In 2023
With an output of 10.14 MT as of April 2022, India was the second-largest producer of steel all over the world. A total of 133.596 MT of steel and 120.01 MT of finished steel were produced in FY22, respectively.
A total of 133.596 MT of crude steel and 120.01 MT of finished steel were produced in FY22, respectively. Due to a rise in consumer demand, steel production is predicted to rise by 18% in FY22 to 120 million tonnes. In FY22, 105.751 MT of finished steel were consumed. India’s finished steel consumption in April 2022 was 9.072 MT.
On the strength of increasing steel processes with a 29 MT capacity gain, steel companies want to restart expansion projects. The steel consumption for April 2021 to January 2022 was 86.3 MT.
Steel consumption is planned to rise by 17% to 110 million tonnes in FY22, led by an increase in construction activity. By 2025, Tata Steel plans to build more scrap-based facilities with a minimum capacity of one billion tonnes. By 2030, Tata Steel in India wants to grow its annual capacity from 34 MTPA to 55 MTPA.
The total amount of finished steel exported and imported in FY22 was 13.49 MT and 4.67 MT, respectively. India’s exports increased in FY22 by 25.1% YoY compared to 2021. Steel consumption in India grew from 46 kg in FY08 to 74.10 kg in FY19 at a CAGR of 4.43%.
The National Steel Policy of 2017 and the automatic path for 100% FDI in the steel sector are only two of the measures the government has taken to support the industry. FDI inflows into Indian metallurgical sectors were US$17.1 billion between April 2000 and March 2022, according to data made public by the Department for Promotion of Industry and Internal Trade.
By 2030–2031, the government’s National Steel Policy 2017 seeks to increase the per capita consumption of steel to 160 kg. The government has supported a policy that requires notified steel goods covered by preferential procurement to have a minimum value addition of 15 per cent.
The government implemented a steel scrap recycling policy to decrease imports in 2019.
The developments taking place in many industries benefit the industry also. Since the programme allows for recycling the components used in outdated automobiles, it will help in lowering the price of steel. Major steel companies are producing more oxygen cylinders for COVID patients than they can handle on the healthcare front. Indian Railways plans to purchase more than 11 lakh tonnes of steel from the Steel Authority of India Limited in 2021 for track resurfacing and the construction of new lines in India.
JSW Steel invested Rs. 150 billion in October 2021 to expand manufacturing in Jammu and Kashmir by constructing a steel plant there.
The joint venture steel company in India between ArcelorMittal and Nippon Steel Corp announced in October 2021 that it would invest Rs. 1 trillion (US$ 13.34 billion) over ten years to increase its activities there.
In October 2021, the government published the regulations for the authorised production-linked incentive (PLI) scheme for speciality steel.
An MoU was signed between India and Russia in October 2021 to conduct steel industry R&D and produce coking coal (used in steel making).
The Union Budget 2021–22 allocates 5.54 lakh crore for capital expenditures, a 34.5 per cent YoY increase. The budget emphasises developing manufacturing and infrastructure to help the economy. Additionally, increased spending in important industries like defence services, railroads, roads, transport, and highways would increase steel demand.
Following are the Top 10 Best Steel Manufacturing Company In India In 2023
1. Tata Steel Limited
Tata Steel Limited is a prominent international Indian steel producer in Jamshedpur, Jharkhand, and Mumbai, Maharashtra. The Tata Organization owns it.
With a 34 million tonne capacity per year, Tata Steel is among the largest producers of steel in the world. With activities across the globe and a strong commercial presence, it is one of the most geographically diverse steel producers in the world. The company recorded consolidated revenue of US$19.7 billion for the fiscal year that ended on March 31, 2020. It is India’s second-largest manufacturer of steel, after the Steel Authority of India Ltd., with an annual capacity of 13 million tonnes.
TATA Steel, SAIL, and Jindal Steel and Power are the only three Indian steel companies that own captive iron-ore mines, giving three companies a competitive advantage.
Koushik Chatterjee, the Chief Financial Officer, and Parvatheesam Kanchinadham, the Company Secretary, are Tata Steel Limited India’s Key Managerial Personnel (KMP). The directors are Koushik Chatterjee, Mallika Srinivasan, Chandrasekaran Natarajan, and seven more members.
With major operations in India, the Netherlands, and the United Kingdom, Tata Steel employs about 80,500 people all over the world. The company’s largest facility, with a 10 MTPA capacity, is in Jamshedpur, Jharkhand. The British steel manufacturer Corus was bought by Tata Steel in 2007. In the 2014 Fortune Global 500 list of the largest companies in the world, it came in at number 486. According to Brand Finance, it was the eighth most valuable Indian brand in 2013.
Tata Steel Kalinganagar (TSK) was added to the World Economic Forum’s (WEF) Global Lighthouse Network list in July 2019.
By Great Place to Work, Tata Steel has been named one of India’s Best Workplaces in Manufacturing 2022. The organisation has consistently planned on establishing a culture of high trust, honesty, growth, and caring for the employees, as evidenced by the fifth time it has received this honour. According to the new HR policy, Tata Steel has been accepting its LGBTQ employees and provides health insurance coverage for their partners as well.
2. JSW Steel Limited
A member of the JSW Group, JSW Steel Ltd. is an international steel manufacturer with its headquarters in Mumbai. JSW Steel is now India’s second-largest private sector steel company with the merger of ISPAT Steel. The company’s installed capacity as of right now is 18 MTPA.
The Jindal Group bought Piramal Steel Limited, which ran a minor steel mill at Tarapur in Maharashtra, and renamed it Jindal Iron and Steel Company. This is how JSW came to be (JISCO). In 1982, not long after the acquisition, the group built its first steel plant in Vasind, not far from Mumbai. Jindal Vijayanagar Steel Ltd. was founded in 1994 and had a facility in Ballari, Karnataka, at Toranagallu. It is easily accessible from Bangalore, which is about 340 kilometres away, to the Chennai and Goa Ports. JISCO and JVSL amalgamated to establish JSW Steel Ltd. in the year 2005.
For a steel factory in Georgia, JSW Steel established a joint venture. The business has partnered with JFE Steel Corp. of Japan to produce automotive steel. Additionally, JSW has bought mining properties in Mozambique, the United States, and the Republic of Chile.
3. Steel Authority of India Limited
The government-owned steel manufacturer Steel Authority of India Limited (SAIL), is in New Delhi. It has the fiscal year 2020–21 revenue of INR 68,452 Crore (US$9.32 billion). The company was founded in 1973 and employs 61,275 people. With a yearly output of 16.30 million metric tonnes, it ranks second in India behind Tata Steel as the 20th largest steel producer in the world. The company’s capacity to produce hot metal will increase even more; by 2025, it is anticipated to reach 50 million tonnes yearly.
SAIL runs and owns three special steel mills in Salem, Durgapur, and Bhadravathi, in addition to five integrated steel plants in Bhilai, Rourkela, Burnpur (Asansol), Durgapur, and Bokaro. In Chandrapur, it owns a ferroalloy facility. The company is conducting a major growth and modernisation effort as part of its global expansion goals, updating and constructing new facilities focusing on cutting-edge green technology.
According to a recent poll, SAIL is one of India’s public sector organisations, growing quickly. In Ranchi, Jharkhand, the business operates an R&D Center for Iron & Steel (RDCIS) and a Center for Engineering.
4. Essar Steel India Limited
The company is a fully integrated flat carbon steel producer with headquarters in Mumbai, which was its principal subsidiary. It owned and ran a steel mill in Hazira, Surat district, Gujarat state. Additionally, it has pellet plants in Visakhapatnam, Andhra Pradesh, Paradeep, Odisha, and a beneficiation factory at Bailadilla, Chhattisgarh.
Essar Steel India Limited went bankrupt, and ArcelorMittal Nippon Steel India Limited bought it. ArcelorMittal Nippon Steel’s chairman is Aditya Mittal, and its CEO is Dilip Oommen. The firm’s beginnings date back to June 1 1976, when Essar Construction Limited, a specialised marine construction company, was established as a member of the Essar Group. A section of Essar Construction called Essar Steel was responsible for producing hot briquette sponge iron. The company’s name was changed to Essar Gujarat Limited on August 19, 1987, and then to Essar Steel Limited on December 4, 1995.
In Hazira, a new plant for the production of hot rolled coils was put into operation in 1994–1995. At Visakhapatnam, a pelletisation factory was established. A joint venture called P.T. Essar Dhananjaya was established in Indonesia to produce cold-rolled goods.
Essar and Stemcor constructed up a cold-rolled steel unit in 2003.
Essar bought the Canadian steel manufacturer Algoma Steel in 2007.
The business changed its name to Essar Steel India Limited on January 18, 2012.
5. Jindal Steel & Power Limited
An Indian steel business with headquarters in New Delhi is called Jindal Steel and Power Limited (JSPL). The approximately $30 billion (approximately) diverse OP Jindal Group includes JSPL, with a revenue of roughly 56921 crores (US$7.5 billion). JSPL is a major player in India’s infrastructure, mining, and steel industries. The company manufactures steel through backward integration using its own captive coal and iron ore mines. The corporation, which has invested 12 billion USD globally, is increasing capacity utilisation and efficiency to seize chances and create an independent India.
This company is the only privately owned rail manufacturer in India and the third largest private steel production in terms of tonnage. The business produces and markets sponge iron, mild steel rails, slabs, structural, hot-rolled plates, and coils and pellets of iron ore.
To lessen the reliance on imported coke-rich coal, Jindal Steel and Power established the first coal-gasification-based DRI facility in the world at Angul, Odisha. This plant uses the locally accessible high-ash coal and converts it into synthesis gas for steel manufacture. Harvard University used JSPL’s coal-gas-based steel technology as a case study.
6. Rashtriya Ispat Nigam Limited
The name Vizag Steel refers to the government-owned Rashtriya Ispat Nigam Limited, which is situated in Visakhapatnam, India. It is the property of the Indian government’s Ministry of Steel.
The first shore-based integrated steel mill in India, Visakhapatnam Steel Plant (VSP), was constructed using cutting-edge technology, and RINL is the government organisation in charge of it. A 7.3 MTPA plant is VSP. It was put into service in 1992 and has a 3.0 MTPA liquid steel capacity. Later, in April 2015 and December 2017, the government enterprise finished increasing its capacity to 6.3 MTPA and 7.3 MTPA, respectively.
Eastern Investment Limited (EIL), a subsidiary of the corporation with a 51% interest, has two more subsidiaries: Orissa Mineral Development Company Ltd. and Bisra Stone Lime Company Ltd. The business has joint ventures with 50% and 26.49% shareholdings in RINMOIL Ferro Alloys Private Limited and International Coal Ventures Limited, respectively.
They now have a steel plant in Visakhapatnam with a yearly capacity of 7.3 million tonnes.
To reach a 20 million tonne capacity, the company plans to invest 60,000 crores (US$7.5 billion) by 2027.
7. NMDC Steel Limited
Government-owned NMDC Limited, formerly known as the National Mineral Development Corporation, is a producer of minerals. The Indian government’s Ministry of Steel is the owner.
Iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal, etc., are all explored by it.
With three automated mines in Chhattisgarh and Karnataka, it is India’s largest producer and exporter of iron ore, generating more than 35 million tonnes of the metal. At Panna in Madhya Pradesh runs the only automated diamond mine in the nation.
By mid-2022, NMDC plans to demerge its Nagarnar iron and steel factory and list the newly created firm on the public market.
8. VISA Steel
With a 1.5 million tonne integrated special and stainless steel manufacturing plant, VISA Steel Limited is a mineral and metals corporation located in the Kalinganagar industrial complex of Jajpur, Odisha, India. The company has branch offices all over India, its corporate office in Kolkata, and its registered office in Bhubaneswar. Shares of VISA Steel, a listed business, are traded on the BSE and NSE.
At the Kalinganagar Industrial Complex in Odisha, the company is constructing an integrated 1 million TPA special and stainless steel plant. The 75 MW captive power plant in the first phase of the 0.5 million TPA Special Steel Long Product Plant is up and running. The facilities has a 75 MW captive power plant, a 0.5 million TPA steel melt shop (with EAF, LRF, and VD), a 0.4 million TPA coke oven plant, a 0.225 million TPA pig iron plant, a 0.3 million TPA sponge iron plant, a 0.05 million TPA ferro chrome plant, and a 0.4 million TPA rolling mill (Bar & Wire Rod Mill). This plant’s capacity will be doubled to 1 million TPA.
The business will merge coal, iron ore, and chrome ore mining backwards. In Odisha, the government is in the process of allocating captive iron ore mining leases. Through the company’s subsidiary Ghotaringa Minerals Limited, a chrome ore deposit in Odisha is being developed.
In Raigarh, Chhattisgarh, VISA Steel plans to build a fully integrated 2.5 million TPA steel factory with a 500 MW captive power plant.
In addition, the business wants to build a 300 MW captive power plant in Madhya Pradesh, a 1.25 million TPA steel factory, and a 100,000 TPA manganese alloy facility.
The company intends to bring back mining manganese ore in Madhya Pradesh and iron ore in Chhattisgarh, for which the Government is awarding captive leases.
9. MESCO Steel
Incorporated in 1992, Mideast Integrated Steel Ltd. (MISL) has assets in the eastern Indian coastline of Odisha. In 1996, it got the Roida iron ore mining lease in Odisha’s main iron ore belt. The pig iron facility owned by MISL in Jajpur was successfully commissioned in 2005 and ran continuously. MISL and Stemcor, UK, have a strategic partnership for marketing and funding.
It is the first business in India to collaborate technically with Sino Steel, China’s former CMIEC. As the only firm of its magnitude in the iron and steel industry in the nation, MISL is almost debt-free, thanks to its very low debt-to-equity ratio.
Currently, MISL runs two 389 cubic metre blast furnaces in its Kalinga Nagar, Odisha plant, casting the hot metal like pig iron. High-quality iron ore is produced by its Roida mines. MISL’s main products are Pig iron, calibrated lump ore, and iron ore fines. At its plant, MISL is engaged in a major expansion. The company’s vision of becoming one of India’s largest fully integrated steel companies is consistent with the expansion.
10. Electrosteel Castings
A company called Electrosteel Castings Limited is in Kolkata, India.
With a 280,000 MT annual production capacity, it is one of the largest producers of Ductile Iron (DI) pipes in the Indian subcontinent. The corporation makes $277 million in revenue. One of the top 5 manufacturers of spun iron pipes worldwide, The company was the first to establish a Ductile Iron Spun Pipe Plant in India in 1994.
According to international standards, the quality of the ductile iron pipes and fittings produced by Electrosteel is recognised in several nations. The British Standards Institute granted the company a KITEMARK License for its DI Spun Pipes and Fittings.
Additionally, it gained certifications from Germany, BSI (UK), and many Middle Eastern regulatory clearances. Additionally, it received nods of approval from France’s ACS/NF and the US’s NSF, UL, and FM. Additionally, in the UK, its products have received certification from the Drinking Water Inspectorate (DWI) and the Water Regulation Advisory Scheme (WRAS).
In addition to having SA8000 certification as a socially responsible firm, Electrosteel possesses both ISO 9001 and ISO 14001 certifications.
Approximately 50% of Electrosteel’s Ductile Iron Pipes and Fittings are shipped to different European nations, the United States, South America, South East Asia, the Middle East, North and South African Countries. Many offices and subsidiary businesses have been formed in France, Spain, the United Kingdom, the United States, Singapore, and Algeria.
