The Importance of Steel Industry for Economy and Sustainability

Metals have been one of the core drivers of industrialization. Among metals, steel holds a dominant position and steel industry is one of the essential sectors for the development any community. It has a lot of influence in our day-to-day lives. The house we live in, the buildings we work in, the vehicles we ride, and countless other things are made of steel. Even electricity towers, military weapons, kitchen utensils are also made up of steel. It is such an integral part of our lives that we cannot even begin to imagine living without it.

Steel plays an important role in infrastructure

Steel is one of the most important elements in laying the groundwork of a modern civilization. No matter how advanced technology gets, steel is still extremely crucial in building the basic infrastructural foundation.

  • Building and construction: The importance of steel industry in construction cannot be emphasized enough. A high percentage of Steel products finds use in construction of massive buildings and skyscrapers. The core framework of any high-rise building is made up of iron and steel.
  • Mechanical Equipment: Heavy industries like steel is tremendously utilized all kinds of factories and medium-scale and small-scale industries. The importance of steel industry is such that it has become the backbone for our economy.
  • Automotive: Automobile industries and ship-building factories heavily uses iron and steel. Additionally, small vehicles and railway engines and railway tracks also puts steel to use.
  • Other applications: It also sees wide-range application in health sector like surgical instruments, medical equipment, domestic appliances like dryers, dishwashers, refrigerators, cutleries, heavy electrical goods like generators, motors, transformers etc. Steel constitutes one of the core industries of the society and the importance of steel industry is far-reaching.

Impact of steel industry on economy

The Industrial Revolution has led to significant development in the iron and steel industry which proved to have a major impact on our economy. Due to its relatively low cost and wider utility, Steel industries went to change the face of economy completely. The hardness, strength and durability of steel and its wide-range applications have made it possible for steel industries to develop to a point where they have become a major contributor to GDP of any country.

As a feeder industry, it can be taken as a fact that the demand for steel will never go down. If anything, with the advent of modern civilization and invention of new machineries every day, the demand will most likely rise. The importance of steel industry in construction can also be felt more due to the growing population. Steel is most widely used in oil & gas industry. The steel industries not only supply the inland demand, but also export a huge percentage of their total production to other countries who are not blessed with abundant ores and its mining possibilities. The steel industry generates substantial export earnings and tax revenues. The export earnings contribute directly to GNP.

The Steel Industry and Sustainability

With the growing demand of steel, availability of high-grade steel is essential. Since iron is an exhaustible resource, excessive dependence on high-grade raw materials can prove to be detrimental. As a workaround, the steel industries are now focussing on the 3R’s, i.e. Recycle, Reuse, and Remanufacture. The high life expectancy of steel and its durability has made it possible for the industries to turn to recycling and keep up with the demands of the market. Steel is highly recyclable. Due to its magnetic properties, it is really easy to recover steel from wastes and since it is very adaptable, no matter how many times steel is recycled, it doesn’t lose its properties. So, recycling and reusing scraps of steel is a convenient way to keep a lid on its growing demand.

Moreover, compared to other materials, steel requires relatively low amounts of energy and resources, especially innovative steel used in automobile and construction. In the last few decades, the steel industry has taken great strides in its effort to keep steel industries and its production environment friendly and sustainable. The steel industry’s products play a crucial role in the development of the sustainable society, one that ensures the health and vitality of human life and nature.

Pinax Group and the Steel Industries

Taking the first step in 1998, Pinax Steel has carved a name and niche in the steel industry. We are an epitome of the kind of responsible and sustainable steel manufacturing companies that the industry needs right now. From getting our own Induction Furnace Division to becoming a frontrunner in Pre-Engineered Building construction, Pinax has come a long way since their inception and has touched several milestones along the path.

The bull’s eye for our premier steel production company right now is to embrace energy efficiency and sustainability extensively in the manufacturing process, all the while maintaining exceptional standard in every unit made.

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