ENA Sectors 2018-09-12 07:17:33 <p><strong>New Delhi, Sept 12 (KNN) </strong>In a bid to encourage secondary steel sector as it plays a crucial in generating employment and acts as a growth engine for the national economy, the Ministry of Steel would give away awards to the secondary steel sector for the first time as a token of appreciation on September 13, 2018 at a function in New Delhi.</p> <p>Strong performance of the secondary steel sector has added muscle to Indias steel production, the Ministry said in a release.</p> <p>On the basis of present growth pattern, the Steel Ministry has anticipated that India will rise to second position after China.</p> <p>The production capacity in 2017-18 has already reached 137.97 million tonnes (MT) and the National Steel Policy 2017 has set a target of 300 million tonnes per annum of production capacity by 2030, it added.</p> <p>Growing in conjunction with the primary steel sector, the secondary steel sector holds enormous potential for growth and opportunities in the country.</p> <p>This sector has certain specific advantages over the primary steel sector such as lower capital and land requirements and the capability to produce special sections and customized products.</p> <p>With these abilities, the sector is bound to play a major role in actualizing the growth target of 300 million tonnes of steel production capacity by 2030.</p> <p>The secondary steel sector comprises various sub-sectors such as sponge iron units, EAFs, IF units, re-rolling mills, cold rolling mills, galvanizing units, wire drawing units, and tinplate producers with annual production capacity of less than 1 million tonne and they meet the countrys demand for value added steel products.</p> <p>Listing the various initiatives taken to improve the performance of this sector, the ministry said government has taken initiatives like supporting energy efficiency projects and R&amp;D activities, strengthening institutional support, protecting domestic producers from below-cost import from foreign countries through antidumping measures, launching of an award scheme to recognize and encourage progressive units for adopting energy-efficient technologies and innovative measures.</p> <p>World crude steel production in 2017 registered a growth rate of about 5.3% as compared to the previous year. The global production in 2017 stood at 1691.2 million tonnes.</p> <p>With about 6% share in the total world crude steel production, India occupies the third position behind China and Japan. The steel industry in India contributes nearly 2 per cent to the countrys gross domestic product (GDP).</p> 20817 https://knnindia.co.in/news/newsdetails/sectors/ministry-of-steel-to-give-away-awards-to-secondary-steel-sector-for-the-first-time 2018-09-12 07:17:33 knnindia.co.in