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Steel Sector has achieved turnaround in 3 yrs: Steel Minister

By TIOL News Service

NEW DELHI, OCT 16, 2017: STEEL sector has emerged as a vivid example of sector turnaround in a short span of three years. The industry efforts were supported in equal measure by the Government of India, to provide a level playing field and enabling growth environment. 

The Steel Minister, Mr Birender Singh, has galvanized the steel industry with his call for ‘Make in Steel for Make in India’. All the major stakeholders in the steel industry are keen to contribute to nation-building. To channelize this energy, the Steel Minister with senior officials from Ministry of Steel has been meeting with key stakeholders of the steel industry in formal and informal settings. Continuing in this spirit, second in the series of brainstorming sessions with industry stakeholders including PSUs under Ministry of Steel is being organized in Chandigarh on October 16, 2017. 

Steel companies, both PSUs and private sector, have been playing an important role in the development of core sectors of the economy. At the same time, due to rapid technological changes, changing economic scenario and increased competition, they are facing many challenges. Acknowledging the challenges and recognizing the need for rapid socio economic transformation of the country in keeping with the vision of ‘New India-2022’, there is need to re-align their working style and priorities through various initiatives and policy changes. 

A similar day long brainstorming session was earlier organized in Surajkund and the next session is being organized at Chandigarh within a span of two months. 

A multi-pronged agenda has been set for the brainstorming session in Chandigarh for generating some out of box ideas to revive and improve the performance of these companies on different aspects and develop the future strategy to enable their sustainable turnaround. 

It is noteworthy that other forum’s like Steel Consumer Council, Regional Conferences for enhancing steel consumption in India, National Conference of Secondary Steel producers, customer-dealer meets are few other avenues which are being utilized by Ministry of Steel, for increasing awareness about steel usage in the country.


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