Speed Post News Network
New Delhi : Ministry of Steel has launched an award Scheme to recognise the Secondary Steel Sector for their contribution to the national economy. The first ever awards will be given on September 13, 2018, at a function in New Delhi to the achievers in this sector for their performance during 2016-17.
The Secondary Steel sector contributes more than 34%of the total production of crude steel in the country and 42.86% of gross finished steel production. In long products segment, the sector contributes about 70% of the total national production. The sector serves critical and important segment of the market spanning from construction, machine tools, CR products, pipes, stainless steel, galvanised / color coated sheets. Secondary Steel sector comprises composite and stand-alone steel production and processing units.
At present, the Prime Minister’s Trophy / Steel Minister’s Trophy are given to large integrated steel plants having achieved crude steel production of 1 million tonnes per annum. The Secondary Steel Sector Award Scheme covers all the composite mini steel plants and the stand alone steel production / processing units having crude / finished steel production of less than 1 million tonnes per annum, according to a PIB release.
Steel is one of the core sectors of the Indian economy and plays a vital role for growth and development of the country. At present, India is the 3rd largest steel producer in the world and is on the way to becoming the 2nd largest producer. Steel contributes to over 2% to India’s GDP and creates a virtuous cycle of employment generation throughout the economy.