Indian Steel industry needs to reduce dependence on imports

The refractory and steel sectors need to work closely with each other to reduce dependence on imports and cut production costs, a top official of the Indian Refractory Makers Association (IRMA) said. If India wants to achieve its ambitious target of 300 million tonne of steel production by 2030, the only way forward is synergy between the two sectors, said Sameer Nagpal, Head, Advocacy of IRMA. Though the Indian refractory industry was minuscule compared to its steel counterpart, it is critical in the production of the metal, he said, adding, the steel sector consumes about 65 to 70 per cent of refractories. "Unless the issues related to the refractory industry are addressed, the government's steel production target might get hampered," said Nagpal, who is also the CEO (Refractory Business) of the Dalmia Bharat Group. At present, the refractory sector is largely dependent on China for raw-material procurement, much like the steel industry that imports around 40 per cent of low-cost finished products from that country.