STEEL: THE BASIC INDUSTRY OF INDIA

STEEL: THE BASIC INDUSTRY OF INDIA

Well, iron and steel industry, the basic industry in India or around the globe, and a significant one, has been the core of functioning of a long list of industries. They are, every industry, be it heavy, medium or light works on machinery made out of Steel industry. Thus, rightfully claimed as a base to the other industries.

Manufacturing variety of engineering, construction, defence goods, shipbuilding industries, aircrafts, transport equipment etc requires steel, finished product of the iron and steel industry. From the super-serious machines, well, it is also used in day to day consumer goods, like containers, safety pins etc.

Having said that, one can produce a lot of things and take a step towards building profitable businesses in steel industry:

  • Alloy Steel Plant: Well, the idea of initiating an alloy steel plant has a lot of things to be figured out including being a large-scale business, production of a wide range of products for end-users, requiring a huge cash investment and a large amount of area for the factory operation. What you will be working on manufacturing can be Carbon Constructional Steels, Alloy Constructional Steels, Case Hardening Steels, Die Blocks, Creep Resistant Steels, Spring Steels & High Mn Steels.
  • Steel Fabrication: Well, definitely a great option in the list of iron and steel-related business, which can be started with moderate investment. If you have not heard about it and are wondering what the steel fabrication is? It is a process includes cutting, bending, and assembling with demands in several fields including construction, automotive production, infrastructure. Who it is suited for the most? Well, mechanical engineers are best suited but even if you don’t have an educational background then also you can consider starting this business with medium investment.
  • Steel Furniture Production: Something that has both domestic and commercial use, Steel furniture production includes producing popular items such as almirah, cupboards, tables, chairs, kitchen racks, shoe racks, etc. The easy to start business with moderate investment is most lucrative when started to address your local consumers and gradually expanding the area of operations.
  • TMT Bar Production: Well, TMT or thermo-mechanically treated high-strength reinforcement bars having a tough outer core and a soft inner core which makes them one of the most important things in the construction industry. Thus, this product has a huge demand in the residential, commercial and industrial sectors and as the construction sector is growing very fast, the demand for good quality TMT bars is also increasing. Now, to initiate a TMT bar production business, you not only require moderate capital investment but also strategic planning.
  • Gem Clip Making: A basic essential under the category of school stationery and office stationery segment, gem clip is the product with a regular demand for organizing a bunch of papers properly. Unlike the first ideas, this business idea does not need to be a large scale and as one can initiate gem clip making business even at home with a simple small machine, main raw material i.e. steel wire in specific gage.
  • Iron Recycling Business: today, the recycling industry, with the shift in the viewpoint of many people towards sustainable development exists and one can start a steel-related business in the recycling industry and explore the various financial and environmental benefits it has to offer. What you can deal with is a lot of iron made products that are available for recycling after the use from old cars, household appliances, steel beams, railroad tracks, ships, food tins, bottle tops, paint cans, to aerosols in your recycling factory.
  • Iron & Steel Export-Import: One of the most imported things in India is Iron and if you have interest foreign trade, you can start a business of exporting or importing steel in India. On a global map, there is a lot of transaction happening, depending on your location, you can consider starting importing of steel. However, it is a highly organized sector, hence you need proper licenses and permits from the concerned authority.
  • Nuts Bolts Production: Always high in demand, this industrial fastener makes steel industry an important industry again with transportation industries, electrical industries, construction industries, and other heavy & light engineering industries being the major consumers of these products. Nut and bolts production, as a business doesn’t demand huge investment initially and can be started with some simple machine and hand tools.

Well, these are some of the very popular businesses and you can take any of these business ideas, research, if you are most suited for them as an entrepreneur to start and get started!

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