According to Tata Steel Chairman N Chandrasekaran, the country’s demand for steel is anticipated to increase as a result of infrastructural improvement, rising urbanisation, and supportive legislative reforms. At the 116th annual general meeting of the corporation, he stated that domestic steel consumption increased 10% year over year (y-o-y) to 117 M in FY23.
The fluctuation in the world economy affected the steel industry as well. This fluctuation in the demand-supply equation for steel led to a fluctuation in steel prices.
India, on the other hand, seems to be an outlier in the global steel market, largely because of robust government investment and brisk consumer demand, he said.
“India will continue to be a significant consumer of steel in the global market due to the country’s expanding infrastructure, rising urbanisation, and favourable governmental changes. Over the following ten years, we anticipate that the increase in steel demand will keep pace with that of the GDP,” he further stated
Chandrasekaran, the Chairman of Tata Sons, commented on the company’s financial performance in FY23 and said it was impacted by higher cost structures because of increased energy and emission-related costs as well as raw material price volatility.
According to him, Tata Steel Nederland and Tata Steel UK would keep putting more effort into increasing steel deliveries, boosting yield performance, enhancing the commercial mix, and cutting operating expenses.