In order to survive and stay ahead of the curve continuous innovation and adoption of new technologies is required in the Steel Industry. Ironmaking and steelmaking in modern world are extremely intensive in material and energy usage and in capital requirements.
The steel industry is bridled with high fixed capital costs and processes, have high production rates be it by efficiencies or be it by economies of scale. A highly competitive world steel market in turn has created an environment where capital resources becomes short and the cost of failed technological ventures is high. Hence, the risk that comes along with being a technology leader is very high. Even then, the last few decades have shown several times which has witnessed that the technology of steelmaking can change rapidly on a global scale.
Anand Mangalam, General Manager IT, Arjas Steel took to our channel CXOTV and shared his thoughts on the technology adaptation in terms of Steel Industry.