TRANSFORMATION OF INDIAN STEEL INDUSTRY AN IMPRESSIVE PERFORMNACE OF RASHTRIYA ISPAT NIGAM LIMITED, VISAKHAPATNAM
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1 INTERNATIONAL JOURNAL OF BUSINESS POLICY AND ECONOMICS Vol. 4, No. 1, (2011) : TRANSFORMATION OF INDIAN STEEL INDUSTRY AN IMPRESSIVE PERFORMNACE OF RASHTRIYA ISPAT NIGAM LIMITED, VISAKHAPATNAM B. S. N. Raju M.Com. M.B.A., M.Phil., Ph.D., Associate Professor, Department of Management Studies, Maharajah s Post-Graduate College, Phool Baugh, Vizianagaram, Andhra Pradesh (India) Steel has had a major influence on our lives, the cars we drive, the buildings we work in, the homes in which we live and countless other facets in between. Steel is used in our electricity-power-line towers, natural-gas pipelines, machine tools, military weapons-the list is endless. The liberalization of the Indian economy in the early nineties has resulted in a rejuvenation of the Indian steel industry. Huge investments have been announced by the Government as well as by many private players from India and the overseas. Consequently, over the last few years, the steel industry has been witnessing unprecedented growth. As per the Steel Policy 2005, major initiatives have been taken by the RINL management in order to achieve strategic goals in steel production. On the demand side, the strategy is to create incremental demand through promotional efforts, on the supply side, the strategy is to facilitate creation of additional capacity, remove procedural and policy bottlenecks. The RINL also focuses its attention on marketing initiatives like widening its distribution network in domestic and international markets. Here the researcher has made an attempt to know that how well the Indian steel industry is transformed and the notable performance of RINL, in terms of production, sales, profit, exports, imports, cost of production, labour and capital productivity during to It also provides latest statistical data and revealed the impact of recession on steel industry. 1. INTRODUCTION Steel has had a major influence on our lives, the cars we drive, the buildings we work in, the homes in which we live and countless other facets in between. Steel is used in our electricity-power-line towers, natural-gas pipelines, machine tools, military weapons-the list is endless. Steel has also earned a place in our homes in protecting our families, in making our lives comfortable and its benefits are undoubtedly immense. Steel is by far the most important, multi-functional and most adaptable of materials. The development of mankind would have been impossible but for steel. The backbone of developed economies was laid on the strength and inherent uses of steel. * Corresponding Author: bsnraju333@gmail.com, & bsn_333@yahoo.com
2 108 B. S. N. Raju When India became independent as the biggest, but not the only, Successor State to the British raj, the three major iron and steel companies had a total capacity of only 2.5 million tons. At the time of independence, India had only three steel plants. The period till 1947 thus witnessed a small but viable steel industry in the country, which operated with a capacity of about one million tonne and was completely in the private sector. From the fledgling one million tonne capacity status at the time of independence, India has now risen to be the 5th largest crude steel producer in the world and the largest producer of sponge iron. Indian companies have also now made a mark in the global Mergers and Acquisitions market. As it traversed its long history during the past 60 years, the Indian Steel Industry has responded to the challenges of the highs and lows of business cycles. 2. RESEARCH DESIGN Here the Researcher has made an attempt to know the role of steelindusry in Indian economy and an impressive role of Rashtriya Ispat Nigam Limited, Visakhapatnam. The researchers mainly have collected the data from secondary sources like annual reports, previous research reports by professional consultants and websites. The researchers wish to cover a period from 1991 to 2010 for general information of Indian steel industry and performance of RINL in terms of production, sales, profit, exports, imports and capital productivity. The data analysis was done with the help of percentage growth over the previous year, CAGR, average and simple percentages etc. 3. LITERATURE REVIEW Mr. J.J. Irani 1, who called for a close working between India and China in the coming years to take the World steel industry to greater heights by sharing their raw-materials, resources and expertise. He also pointed out that over the last one decade steel production moved from the West to the East. Mr. S.K.Roongta 2 said that it would be imperative to ensure that the growth of the steel sector should take place in a cost-effective manner. At present the Indian steel industry is facing a shortage of the right kind of manpower. It would be important to resolve this issue in view of the fact that, by 2015, India would become the second-largest producer of steel in the world, as against the fifthlargest at present. Dr. Man Mohan Singh 3 said that the government would do whatever is necessary to ensure that the industry is able to meet the growing demand for steel. He viewed that the 34 per cent of the country s GNP in all production activities, out of which around 50 per cent happens to be in construction. He also pointed out that the increasing number of global steel majors who have announced plans to set up steel making facilities in India gives a fair indication of the competitive advantages of making steel in the country. Mr. S.K.Roongta 4 said that it would be imperative to ensure that the growth of the steel sector should take place in a cost-effective manner. At present the Indian steel industry is facing a shortage of the right kind of manpower. It would be important to resolve this issue in view of the fact that, by 2015, India would become the
3 Transformation of Indian Steel Industry An Impressive Performnace second-largest producer of steel in the world, as against the fifth-largest at present. G. K. Basak 5 has observed in his study that the Indian iron and steel industry has come to occupy a dominant position in the socio-economic development of the country. Indian steel has made a significant contribution to the growth, in terms of spread, capacity, production and commodity basket, necessitating thereby, a fresh look at the segment.dr Ghosh,Sajal 6 has expressed that a booming economy and a strong growth in demand in sectors such as real-estate, infrastructure and automobiles translate into the buoyancy in steel industry. India has finally emerged as a steelmaking location for global players. The sector has received investment of US$ 5,994 millions lined up through 102 MOUs to add 103 million tonnes in steel capacity. 4. STEEL INDUSTRY AND INDIAN ECONOMY The liberalization of the Indian economy in the early nineties has resulted in a rejuvenation of the Indian steel industry. Huge investments have been announced by the Government as well as by many private players from India and the overseas. Consequently, over the last few years, the steel industry has been witnessing unprecedented growth. This turn around is really not surprising, since India has always been reckoned as a potential global steel hub 7. The New Economic Policy initiated in the 1991 influenced the Indian Iron and Steel industry in many ways: The system, therefore, underwent radical changes. For steel makers, economic reforms opened up new channels for their inputs at competitive prices from the overseas markets while unveiling new markets for their products. 5. PRESENT GROWTH SCENARIO AND FUTURE OUTLOOK In India the steel sector is growing at a robust rate with significant increases in production. Steel production grew at a faster pace. It is observed that the steel production was registered 34.7 MMTs in to 61.6 MMTs in (Table 1). This growth was achieved by both capacity expansion and improved capacity. During 2010, India emerged as the 5th largest crude steel producing country in the world as against 8th position three years ago. India, the world s largest producer of direct reduced iron. It is forecasted that the steel production would reach 65 MMTS in India is also expected to become the second largest producer of steel in the world by Table 1 Production and Consumption of Steel (In Million Metric Tonnes) * Production Imports Exports Source: Ministry of Steel, New Delhi. * Forecasted Sales, Imports and Exports.
4 110 B. S. N. Raju 6. MODERNIZATION AND EXPANSION PLANS The demand for steel is expected to remain buoyant, above 10 percent over the next five years, and in the most likely scenario the steel production capacity in the country is expected to touch 124 MMTs by Furthermore, taking into consideration the intentions expressed but various steel investors including multinationals, domestic steel majors and FDIs, the likely capacity achievable by will be around 275 MMTs.The public sector Undertakings, Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL), are in the midst of ambitious expansion plans. 7. PERFORMANCE OF RASHTRIYA ISPAT NIGAM LIMITED To meet the growing domestic demand for steel, the Government of India decided to set up an integrated steel plant at Visakhapatnam. An agreement was signed with the erstwhile USSR in 1979 for cooperation in setting up MT integrated steel plant at Visakhapatnam. Expand plant capacity to 6.3 Mt by and expand further in subsequent phases as per the corporate plan and be amongst top five lowest cost liquid steel producers in the world is the key objective. RINL also plans to enhance capacity to 16 MMTs per annum by PRODUCTION PERFORMANCE AND CAPACITY UTILISATION During the period to , the quantity of production was lower when compared to the quantity of production during to However, it is observed that there was a slight dip in saleable steel production during the year to 3.49 MMTs from 3.52 MMTs in It is observed that it was a year of challenges and disruptions in raw material supplies, steep increase in input prices, recession in the steel industry globally and other problems. But the plant could improve its financial performance as it focused on special steel production for improved sales realization. The recession has cast its spell on the RINL slowing down its forward march. Riding high with an impressive performance after its turnaround, the RINL has cut down production by nearly 7.81 per cent as an inventory control measure. It produced MMTs in and drastically production declined to MMts in due to lack of demand for steel in the international market (Table 2). It may be stated that the capacity utilization in RINL may be observed that it was 53 per cent in and reached 73 per cent in which measured 20 per cent enhancement in capacity utilization. It is evident that record level of capacity utilization was registered i.e., 98 per cent in and 90 per cent in As a result of recession again in capacity utilization indexed at 81 per cent. In the latter period , the RINL has registered 71 per cent capacity utilization due to lower demand in international market. 9. SALES PERFORMANCE The sales performance of RINL is shown in Table 2. The sales registered in amounted to Rs crores and reached Rs. 10,635 crores in But in and , the sales registered a negative growth. However, domestic sales grew by 507 per cent or registering an average annual growth
5 Transformation of Indian Steel Industry An Impressive Performnace rate of 33.8 per cent. Upward trend in sales took place up to and there is a spiky decline in sales in Again sales picked up from onwards and registered high growth rate in the history of RINL. Even in the recession period, RINL could achieve MOU target. In the sales increased by eight percent over the preceding year of It is forecasted that the steel sales will be Rs. 11,565 crores in Table 2 Performance of Rinl During to Production Profit/Loss Exports in Imports in in thousand Sales in in crores crores Crores Cost of steel tonnes and Crores rupees and rupees and rupees and production capacity rupees percentage percentage percentage per tonne Year utilization and index in sales of sales of sales and index {53} 1751 {100} 573 {33} 590 {34} 413 {24} {100} {61} 2208 {126} 364 {17} 453 {20} 488 {22} {103} {70} 3038 {173} 204 {07} 707 {23} 684 {22} {110} {67} 3135 {179} 246 {08} 991 {32} 1077 {34} {131} {70} 3070 {175} 177 {06} 244 {08} 388 {17} {137} {67} 2761 {157} 457 {17} 290 {11} 699 {25} {137} {65} 2972 {169} 562 {19} 295 {10} 797 {27} {132} {73} 3435 {196} 291 {08} 314 {09} 842 {25} 16,905 {139} {81} 4080 {233} 75 {02} 325 {08} 909 {22} {150} {87} 5058 {288} 521 {10} 600 {12} 972 {19} {160} {95} 6169 {352} 1547 {25} 769 {13} 1068 {17} {174} {95} 8182 {466} 2254 {27} 248 {03} 1703 {20} {180} {98} 8482 {483} 1890 {28} 442 {05} 1792 {21} {187} {98} 9151 {552} 2222 {24} 424 {05} 1960 {21} {205} {90} {596} 2995 {29} 554 {05} 2165 {21} {234} {81} {602} 1211 {11} 281 {03} 1895 {18} {215} {71} {607} 873 {09} 373 {03} 1861 {18} {208} * 2945 (81) (660) 1974 (17) 443 (4) 1962 {17} {206} Source: Compiled data from Annual Reports of RINL, Visakhapatnam * Forecasted figures for It is observed that there is an enormous growth rate registered in the span of five years i.e., to with CAGR of 22 per cent. As per the Steel Policy 2005, major initiatives have been taken by the RINL management in order to achieve strategic goals in steel production. On the demand side, the strategy is to create incremental demand through promotional efforts, creation of awareness and strengthening the delivery chain, particularly in rural areas. On the supply side, the strategy is to facilitate creation of additional capacity, remove procedural and policy bottlenecks in the availability of inputs such as iron ore and coal. The RINL also focuses its attention on marketing initiatives like widening its distribution network in the rural areas. 10. PROFITITABILITY OF RINL Profits are the real indicator of organizational excellence. The Profit/Loss statement shows the earning capacity of the RINL from to
6 112 B. S. N. Raju The sales performance of the RINL has bee praiseworthy. We can notice that the organization has earned huge profits during the period to even though it suffered a big loss in all the earlier years from to It is also observed that The RINL has wiped out its accumulated losses in It is observed from Table 2 that the RINL has recorded huge loss of Rs.573 crores in This was mainly because of the commissioning of the RINL during a critical period when the business environment was uncertain and the steel market was sluggish due to general recession and tight money conditions in the country. Afterwards the RINL management has initiated some radical and strategic steps to improve the financial performance of the company keeping in view of the competitive environment. Forecasting an increase in the demand for steel in the near future, the RINL prepared various plans to go for expansion and drew out strategies for re-engineering and Restructuring to meet the challenges of changing business environment. As a result, the losses of the RINL have drastically declined and the organization entered into the profit zone. Since the RINL has earned remarkable profits continuously. In it earned a profit of Rs. 521 crores which equals to 10 per cent on sales. It boosted up to Rs crores in which equals to 29 per cent on sales. It has registered a growth of 19 per cent in the span of five years or CAGR of four percent. It may be concluded that the management policies made the RINL harness the forces of change and emerge as a winner in the global steel market. However, the profits declined due to global recession and the RINL incurred losses particularly in 3 rd and last quarters of The profit came down to Rs crores, a decline of 18 per cent in one year. In the profit has registered at Rs. 873 crores, a decrease of 28 per cent due to heavy fluctuations in steel prices in domestic and international markets. It is forecasted that the profitability will be Rs crores in EXPORTS PERFORMANCE As per the MOU targets with the Government of India for the year , the RINL achieved a sales realization in terms of exports of Rs. 373 crores. The sales turnover in exports of Rs. 991 crores of were the best ever since inception. This could be possible against the backdrop of sluggish market conditions right through the year which has brought price line under tremendous pressure for any year. The revenue generation increased with higher sales realization value as well as the increased sale of value added products. It is observed that the exports performance of the RINL has declined drastically during the period from to In the value of exports was Rs. 590 crores which is 34 per cent of turnover. It declined to 373 crores in It may be stated that there is a decline in RINL export over the above period. Due to global meltdown in the steel industry, the sales performance in domestic and global markets declined. As a result, exports declined to Rs. 281 crores in , which shows a 50 per cent decline over previous year. In the latter year the export of RINL has declined to Rs. 373 crores. It may be stated that the export performance of the RINL is not much satisfactory. As per IISI forecast, India will be one of the growth engines of the
7 Transformation of Indian Steel Industry An Impressive Performnace world steel industry in future. We trust that the RINL should consolidate its position further in the steel sector in the global market through better exports performance. It is forecasted that the steel exports will be Rs. 443 crores in IMPORTS OF RINL It is observed that the imports of RINL were Rs. 413 crores in which reached Rs. 1,861 crores in The imports as a percentage of sales range from 17 per cent to 34 per cent in the above period. The RINL faces the problem of shortage of raw materials due to a high degree of consolidation in both coking coal and iron ore suppliers. Due to oligopoly, the prices of these raw materials rule high in the market. The steel industry can be devided as haves and have nots where the haves with captive mines have become more cost competetive and have nots facing the increased cost for raw materials and depend on the imports of raw materails. It is forecasted that the value of steel imports will be Rs.1861 crores in Finally imports in the RINL have been showing some erratic behaviour between and It is forecasted that the steel imports will be Rs crores in Thus, lack of captive iron ore mines and dependecne on imports of raw materials, the increasing cost of iron ore is a major threat to the company. If RINL owns captive mines, dependency on imports can be reduced and can show high operational effeciency. We are confident that this will occur over the next few years and the RINL clearly will have an important role to play in the domestic and global markets. 13. COST OF PRODUCTION IN THE RINL In this context the cost of production of saleable steel per tonne in is treated as 100 and an indes is calculated. It shot up to 208 by , registering 108 per cent increase during the period. It amounts to an average annual growth rate of 6.75 per cent. Actually, the index went upto 234 in and came dwon to 208 in The stringent measures takne by the govenrment to control the prices of raw materails and to ease their supply are responsible for the fall in the cost of raw materails. Other wise the averge cost of production would have been hihger. Another major significant reason for fall in prices is recession in the steel industry at the end of The cost per tonne of steel has been going on increasing during the period of study. However, in certain years there is a greater increase in the cost of production. It increased relatively more in the later years of study when compared to intial years. The cost index which went up from 100 to 139 in the period from to , showed a substantial increase during the period to It is forecasted that the cost of steel production per tonne will be Rs. 25,106 crores in LABOUR AND CAPITAL PRODUCTIVITY WITH REFERENCE TO OUTPUT Labour productivity is an important indicator for measuring the organisation performance. In fact labour productivity will also be influenced by a number of
8 114 B. S. N. Raju factors like available technology, skills of the workers, availability of inputs and availability of demand for the product. As these are qualitative factors quantification of the changes in these is very difficult. So, the researcher restricted himself to calculate labour productivity by dividing the total output with the number of employees. The RINL has introduced multi-skill concept since its inception and the employees are trained to imbibe this. The RINL has adopted a system of overlapping shifts- the first of its kind in the industry. As a result productivity increased by 171 per cent in the span of 16 years or an annual average growth rate of 10.6 percent. It is understood that labour productivity in RINL showed a marginal increase of from to And registered a substantial increase of percent from to Due to global turmoil it is observed a decline in Labour productivity in and It is forecasted that the Labour productivity in RINL will be 405 tonnes in (Table 3). Capital productivity is another parameter in deciding organisation excellence. The production for one crore investment was 294 tonnes in and 390 tonnes in However, with the decline in production in RINL in and , production for one crore investment had declined to 129 tonnes and 103 tonnes respectively. Table 3 Labour and Capital Productivity with Reference to Output in RINL Year Labour productivity Index Capital productivity Index * Source: Rashtriya Ispat Nigam Limited Annual Reports. Labour Productivity = Output/ Manpower and Capital Productivity = Output/ Investment. * Forecasted figures for the year It has registered gradual increase in production for one crore investment from to There is a slight reduction in It registered
9 Transformation of Indian Steel Industry An Impressive Performnace highest production of 460 tonnes for one crore investment in The global recession and its fallout on construction sector hit hard the RINL in With inventory control and insistence on corporate discounts becoming a priority area for major steel producers, the RINL has also resorted to drastic cut on its production levels and reduction in prices. The production has been pruned by an estimated 20 per cent. The impact is so colossal that the production for one crore investment declined to 365 tonnes in With the doubling of capacity and with better technology, the production for one crore investment can be expected to surpass the previous peak levels. It is forecasted that the Capital productivity in RINL will be 144 tonnes in CONCLUSION The RINL has taken up a number of measures to improve the performance. It has provided several incentives to the work-force so that they work hard and better to enhance the profit and productivity. Occasional meetings are held by the superior authorities to know the problems of the workers and to take necessary steps to overcome those problems. These meetings acted as source of support to the workers to work hard and produce more. Thus the organization has developed productive work culture, emotional binding with the organization, Quality Circles, missionary zeal and recreational facilities to improve the RINL performance. Notes 1. Mr. J. J. Irani, Ex-Managing director of TATA Steel, International Steel seminar on Iron & Steel Making Process- Status, Growth, problems and prospects, Kolkotta, 2004,p Mr. S. K. Roongta, Chairman, SAIL, A National Seminar on Opportunities in the steel Industry that was organized by Confederation of Indian Industry in 2007). 3. Dr. Man Mohan Singh, Prime Minister, Government of India, Steel Summit, New Delhi, 2007, p Mr. S. K. Roongta, Chairman, SAIL, A National Seminar on Opportunities in the steel Industry that was organized by Confederation of Indian Industry in 2007). 5. G. K. Basak, Changing Dynamics of the Secondary Steel Sector, Economic and Political weekly, 45(18), 2006, p Ghosh,Sajal, Steel consumption and Economic Growth:Evidence from India, Management Development Institutte, Gurgoan, Resource Policy, March, 2006, Volume-31, pp B.Muthuraman, Steel steals the show, Managing Director, TATA Steel Limited, Jmashedpur. 8. Forging New Frontiers, A Special Report on performance of Indian Steel Industry, Ministry of Steel, New Delhi, In the year Annual Report, , RINL, Visakhapatnam. References Annual Reports, RINL, Visakhapatnam, to B. Muthuraman, Steel Steals the Show, Managing Director, TATA Steel Limited, Jamashedpur.
10 116 B. S. N. Raju Directorate of Science & Technology and Industry, (2007), New Delhi. Dr. Man Mohan Singh, (2007), Prime Minister, GOI, Steel Summit, New Delhi, 34. Forging New Frontiers, (2008), A Special Report on Performance of Indian Steel Industry, Ministry of Steel, New Delhi. G. K. Basak, (2006), Changing Dynamics of the Secondary Steel Sector, Economic and Political Weekly,45(18): 26. Gautam Sinha, (2002), Satyajit Jena, IIM Bangalore Management Review, (September). Ghosh Sajal, (2006), Steel Consumption and Economic Growth: Evidence from India, Management Development Institutte, Gurgoan, Resource Policy, 31: 7-11, (March). Joint Plant Committee, Steel World.com and Indian Steel Alliance. Jpcindiansteel.nic.in Mr. J. J. Irani, (2004), Ex-Managing Director of TATA Steel, International Steel seminar on Iron & Steel Making Process- Status, Growth, Problems and Prospects, Kolkotta, 38. Mr. S. K. Roongta, (2007), Chairman, SAIL, A National Seminar on Opportunities in the Steel Industry that was Organized by Confederation of Indian Industry in 2007). National Steel Policy, (2005), Ministry of Steel, Government of India, New Delhi, India. Report of the Working Group on Steel Industry for the Eleventh Five-Year Plan ( ). Rothermund, Dietmar, an Economic History of India, London, Croom Helm, (1988). S. K. Gupta, Executive Vice Chairman, Jindal Vijaynagar Steel Limited, India. Statistics of Iron and Steel industry, (1983), Association of Steel manufacturers, Mumbai. The Indian Steel Industry, Joint India, OECD and IISI Workshop, New Delhi, (16-17 th May, 2006). World Steel Dynamics, Steel Success Strategies, (25 th June 2005).
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