Steel Ministry focuses on raising consumption, cost cutting measures
Steel Insights|October 2021
The steel ministry, in a recent series of meetings with officials of major state-owned and private steel makers, asked the industry to raise steel consumption across several sectors of the economy and also take steps to bring down costs of production.
Steel Insights Bureau

The Union Steel Minister, Ram Chandra Prasad Singh, chaired a meeting with CMDs of public sector steel companies on September 21 to review their marketing strategies and future plans.

The Minister reviewed the marketing and sales strategies adopted by the companies including its roadmap in the context of future expansion and diversification plans. The Minister of State for Steel and Rural Development, Faggan Singh Kulaste, and Steel Secretary, Pradip Kumar Tripathi were also present in the meeting.

The Steel Minister was apprised by the respective PSUs about the marketing strategies in place for the domestic as well as for the export market for their various products.

The Minister directed the steel PSUs to have a system in place for real-time assessment of the changes in the demand, supply, pricing trends, degree of competition, etc. for their various products for arriving at the best-suited marketing strategies.

He suggested aggressive marketing of their products.

The Steel Minister also stressed the need for the companies to wholeheartedly contribute to the ongoing and future infrastructure projects of national importance and other important projects viz. Bharatmala, Sagarmala, roads projects, Railways dedicated freight corridors, dams construction, and projects in the energy sector.

The Minister further advised the PSUs to lay more emphasis on the branding of the products and utilize all available advertising opportunities to popularise their products. The Minister directed the companies to involve themselves constantly with the dealers/distributors, agents, customers, etc., and work towards expanding their reach to the common man in small towns and villages.

Cost reduction efforts

A meeting with officials of the PSUs from the steel sector to review the status of cost reduction in the production of PSUs and an action plan for the future was also held under the Chairmanship of the minister.

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