Global factors are changing at a very fast pace and they are forcing to change other things along the way. Indian Steel Industry is one of them. Which is facing the heat of change in global factors. The demand for steel is decreasing all around the world. The global slowdown is one of the factors, but not the only one. Other factors include increasing environmental concerns, continuous shifts in the manufacturing process, increasing global trade, new technological substitute products & decreasing capital returns. One major factor, which in itself is cause for many other factors is technology.
Technology is impacting steel Industry from extracting of iron ore to the finished steel products. Major impact areas are-