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Synergy between steel, refractory industry need of the hour - IRMA

Steel News - Published on Tue, 15 Jan 2019

Image Source: IRMA
Economic Times reported that Mr Sameer Nagpal, Head Advocacy of Indian Refractory Makers Association said that the refractory and steel sectors need to work closely with each other to reduce dependence on imports and cut production costs. He said that “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. Though the Indian refractory industry was minuscule compared to its steel counterpart, it is critical in the production of the metal as the steel sector consumes about 65 to 70 per cent of refractories.”

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. Mr Nagpal, however, said following the implementation of new environmental rules in China, the inflow of raw materials has been disrupted, affecting the refractory companies.

Batting for zero per cent duty on raw materials, he said domestic refractory companies are on expansion mode through the inorganic route, and the industry is expected to garner an investment of USD 100-150 million, mainly in the eastern part of the country in the next three to five years. The IRMA functionary said most of the acquisitions are likely to be in Europe, which will also help in latest technology transfers.

Source :

Posted By : Ratan Singh on Tue, 15 Jan 2019
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