Year 2024 to Bring Huge Opportunities in Steel Sector, Check How?

Jharkhand, West Bengal, Orissa, and Chhattisgarh - these states are poised for an extraordinary surge in career opportunities within the steel sector. The reason? The production and consumption of steel products are on the rise. While exports have hit a five-year low, all other indicators paint a promising picture for job seekers in this industry.

According to the latest reports and expert predictions, 2024 is set to witness a substantial leap in the steel sector. This article proves invaluable for graduates and postgraduates in states like Jharkhand, West Bengal, Orissa, and Chhattisgarh, renowned for their steel production.

Growth in Steel Production

As per data presented in the Lok Sabha during the winter session, crude steel production has soared from 81.69 million tons in 2013-14 to 127 million tons in 2022-23, with projections indicating a rise to 140 million tons. Similarly, finished steel consumption has surged from 74 million tons to 119 million tons.

Steel Production in last 10 years

Here is the table showing steel production in India in last 10 years in Million Tons-

	Year	Crude Steel Production	Finished Steel Consumption
1	2013-14	81.69	74.09
2	2014-15	88.98	76.99
3	2015-16	89.79	81.52
4	2016-17	97.94	84.04
5	2017-18	103.13	90.71
6	2018-19	110.92	98.71
7	2019-20	109.14	100.17
8	2020-21	103.54	94.89
9	2021-22	120.29	105.75
10	2022-23	127.2	119.89
	Source: Joint Plant Committee (JPC); MT=million tons

Consumption of Steel

According to Investindia.gov.in, steel consumption has witnessed an impressive 11% growth, reaching 119 MT in FY 2023 from 105 MT in FY 2022. The post-COVID era has sparked a boom in the real estate sector, with increased construction of houses and long-span road bridges driving steel usage in the housing and construction sectors.

Steel Import in India in last 10 years

The last ten years data of import of steel in India clearly shows the growth in consumption. Source: Joint Plant Committee (JPC)-

	Year	Finished Steel Import
1	2013-14	5.45
2	2014-15	9.32
3	2015-16	11.71
4	2016-17	7.22
5	2017-18	7.48
6	2018-19	7.84
7	2019-20	6.77
8	2020-21	4.75
9	2021-22	4.67
10	2022-23	6.02

Additionally, the automobile and hardware sectors are experiencing a surge, and the 'Make in India' initiative in defence manufacturing is boosting steel demand. To meet this soaring demand, the country imports approximately 6 million tons of steel annually.

Government's Plan

The government actively supports the steel industry to enhance production and consumption. The National Steel Policy (NSP), 2017, aims to increase steel consumption to 230 MTPA and per capita steel consumption to 158 kg by 2030-31. Government initiatives like the Gati-Shakti Master Plan for infrastructure development, 'Make-in-India' for the manufacturing sector, and other flagship schemes contribute to the growing demand for steel in the country.

Expected Growth in Jobs

Recently, Minister of Civil Aviation and Steel, Jyotiraditya M Scindia, announced that the government has signed 57 MoUs with 27 companies under the Production Linked Incentive (PLI) scheme for speciality steel. This is anticipated to generate an investment of about Rs 30,000 crores, create an additional capacity of 25 million tonnes of speciality steel within the next five years, and offer over 60,000 job opportunities for skilled talent in India.

So, if you're contemplating a career in the steel sector, identify the required skills and start developing them now. The future looks promising for those ready to forge their path in this dynamic industry.