The Indian steel industry has a very long history. As an integral part of the country’s economy, it supports sectors like infrastructure, manufacturing, and construction. Manufacturing Companies in Chennai, for example, play a significant role in driving demand for high-quality steel products. For years, India has been ranked as one of the world’s biggest producers of steel, and over time, companies here have grown up the ranks to become among the most innovative and progressive firms in terms of production capacity and environmental responsibility.
This blog looks into the top 10 steel companies in India and gives a peek at the large companies growing as well, propelling India towards becoming a steel powerhouse. From heritage firms to new ventures, all these companies are moulding the nation’s steel production for both domestic use and export purposes.
The growth rate of India’s steel industry
The Indian steel industry has grown in significant areas since its discovery, making the country the world’s second-largest crude producer of steel after China. This began during the late 19th century and became a more significant contributor to the economy in India, accounting for more than 2% of the nation’s GDP. Output of India’s Steel Production: In FY 2024, output of steel production would grow by 4-7%, producing 123-127 million metric tons, and finished steel consumption will grow from 119.17 MT in FY2023 to 138.5 MT in FY2024.
The Indian Steel Association reported a growth rate of 9-10% for FY2025. Government schemes, like the Production-Linked Incentive Scheme, may be expected to bring in some close to $1.9 billion of investment in specialty steel production by FY2024. India happens to be placed at the forefront in the global steel market due to sound domestic demand, iron ore reserves, and low-cost labour.
List of Top 10 Steel Companies in India
1. Tata Steel
Founded by Jamsetji Nusserwanji Tata in 1907, Tata Steel was the first Asian steel company and has since evolved into one of the geographically spread steel manufacturers across the globe. Initially referred to as the Tata Iron and Steel Company Limited (TISCO), it was founded in Jamshedpur with headquarters in Mumbai.
Today, Tata Steel holds some of India’s finest quality steel and is present on five continents with an employee strength of over 65,000. The company stands as the second largest steel producer in Europe with an annual crude steel capacity of over 30 million metric tons. In accordance with its expansion process, Tata Steel caught Bhushan Steel Limited in its grip in the year 2018-19, and Usha Martin Ltd. deepened its grip in the market further.
Founders: Jamsetji Tata
Headquarters: Mumbai, Maharashtra
Number of employees: 32,364 (2021)
2. JSW Steel
electrical,JSW Steel, which is one of the major steel players in India belonging to the JSW Group, operates among the biggest steel manufacturers in the country with international presence. It has its foundations laid during the early 1980s with a single plant in Mumbai, and over the years, its operations have become PAN-India, touching states such as Karnataka, Tamil Nadu, and Maharashtra, having it host India’s largest steel-making facility at Vijayanagar in Karnataka with an annual capacity of 12 MnTPA.
The JSW Group is one of India’s most renowned conglomerates, which has interests in a wide range of industries: energy, infrastructure, paints, sports, and venture capital. Thus, in a way, it makes a broad economic impact. JSW Steel maintains strategic collaboration with Japan’s JFE Steel company, which enables it to gain access to the developed technologies and new processes.
The partnership will enable JSW Steel further to manufacture value-added special steel products widely utilized in various construction, infrastructural applications, and the automotive and electrical and appliance industries, making it a significant contributor alongside leading manufacturing companies in Gujarat that are driving industrial growth.
Founders: Sajjan Jindal
Headquarters: Mumbai, Maharashtra
Number of employees: 13,128 (2021)
3. Steel Authority of India Limited
steelmakerSteel Authority of India Limited is one of the most prominent government-owned steel manufacturing companies and a leading participant in India’s public sector steel industry. Formidably positioned alongside the top Indian private players, SAIL has firmly and comfortably established its foothold as a significant steel maker.
It produces both iron and steel from the following production units located in the eastern and central regions of the country:. SAIL has a very vast product range that includes different types of steel. This type of steel caters to the needs and demands of various industries across the nation and hence supports the growing infrastructure and industrial sectors in India.
Founders: Ministry of Steel, Government of India
Headquarters: New Delhi
Number of employees: 59,350
4. Essar Steel India Limited
Founded in 1998, Essar Steel India Limited has emerged one of the most influential steel manufacturing companies in India. The company widely manufactures high-grade steel products that include high-value graded steel. The company sells its products to a wide sector of industries and is, therefore, a significant player in the Indian steel market.
Essar Steel is supplying steel to all sectors, ranging from the automobile industry to power plants, hydrocarbon businesses, and many more, contributing much to the infrastructure growth and industrial boom of the country. Being an establishment known for its innovative and quality products, Essar Steel remains a preferred supplier for multiple critical industries in India.
Founders: The Essar Group (Shashi Ruia and Ravi Ruia)
Headquarters: Mumbai, Maharashtra
Number of employees: 5741
5. Jindal Steel & Power Limited
Jindal Steel & Power Limited (JSPL) is one of the well-known players in the steel production as well as power manufacturing businesses, which has been performing great not only in its domestic markets but also globally.
The company recently announced record sales at 2.3 million metric tons, the highest ever for it, and had also achieved annual sales at 7.63 million metric tons in FY22. This company, Jindal Steel & Power, is currently at number five in this industry, but it would be expected that it will rise high in the ranks in the coming years and control the steel industry with strategic expansion, a robust production capacity, and diversified operations.
Founders: Ministry of Steel, Government of India
Headquarters: Visakhapatnam, Andhra Pradesh
Number of employees: 14,729 (March 2023)
6. National Mineral Development Corporation
The NMDC, or National Mineral Development Corporation, is one of the leading steel and iron ore manufacturing companies owned by the government, focusing on becoming one of the major iron ore producers in India. Focusing on mineral exploration, mining, and processing various kinds of minerals, NMDC has contributed a lot to India’s mineral sector over the years. Being a Schedule A public sector enterprise, NMDC has gained a strong reputation in the industry.
The company’s diversified business structure, which includes the subsidiary Sponge Iron India Limited, is a worthwhile investment opportunity. NMDC’s persistent growth and market performance continue to show that it remains a significant player in India’s mineral and steel sectors.
Founders: Government of India
Headquarters: Hyderabad, Telangana
Number of employees: 5,887 (March 2019)
7. VISA Steel Limited
VISA Steel Limited was incorporated in the year 2003. Since then, this organization has grown into one of the most prominent steel and ferrochrome producers in India. Due to manufacturing sites situated at three geographically well-positioned locations, VISA Steel has a capability to produce over one million metric tonnes per annum.
Although ranked eighth among the top 10 steel companies in India, the company is a market leader in special steel, ferrochrome, and metallurgical coke. Focusing on premium value steel products and strategic market presence, VISA Steel has indeed emerged as one of the significant contributors to India’s steel industry with strong potential for future growth.
Founders: Mr. Saran
Headquarters: Kolkata
Number of employees: 387 (2023)
8. MESCO Steel
Founded in 1992, MESCO Steel rapidly gained the status of one of the premier steel companies in India. Operating two steel plants within the country, MESCO produces over a thousand tons of hot metal every day.
The company’s net worth boasts one of the lowest debt-equity ratios in the industry, with large potential for growth into the future. With several proposals lined up from banks, MESCO Steel, soon to emerge as the largest steel manufacturing company in India, is to increase its operations. As the director of finance of the company acknowledges, MESCO is all set to be profitable and aims at meeting such profit targets in the next months too, thus making stronger its market potential.
Founders: Rita Singh
Headquarters: Khurunti, Odisha
Number of employees: 277
9. Electrotherm Limited
Electrotherm Limited, incorporated in the year 1983, is a pioneer in the Indian steel industry, renowned for innovative practice and tremendous contribution to the manufacture of steel. During these years, it has become one of the leading names that focus on technological upgradation. Electrotherm’s ET TMT Bars are now the most preferred and leading brand in Gujarat and enjoy a premium position in the market.
Apart from these steel products, Electrotherm has also developed the Electrotherm Ductile Iron pipes that are highly used for the purpose of water transportation and are widely known to maintain water quality nicely. Apart from these, Electrotherm has made steps into sustainable practices as well as emerging as the first such manufacturer in India to bring battery-operated two-wheelers into the markets, thereby proving itself to be effective both in innovation and sustainability.
Today, Electrotherm has emerged not only as a leader in the steel manufacturing industry but is also an effective front for making India greener.
Founders: Mukesh Bhandari
Headquarters: Ahmedabad
Number of employees: 5500
10. APL Apollo Tubes Limited
APL Apollo Tubes Limited is an Indian giant company since 1986, established with the manufacturing of high-quality steel pipes and sections. The available steel tubes and pipes in the company are designed for applications in the fields of structural, construction, infrastructure, and engineering projects. APL Apollo’s products are of superior quality, precise, and durable, thus extremely appreciated and adopted by various architects, engineers, and construction professionals in use. Over the years, with a great reputation, APL Apollo has been a good, trusted name in the steel tube manufacturing industry in India.
Founders: Late Sudesh Kumar Gupta
Headquarters: Ghaziabad
Number of employees: 1,568
Conclusion
In conclusion, not only is India’s steel industry a cornerstone of economic development but also a dynamic, evolving field on the world stage. The top 10 steel companies in India depict that blend between tradition and innovation of the industry: legacy giants such as Tata Steel and JSW Steel, and newly risen companies that adhere to sustainability, modernization, and innovation.
These companies are going to prove to be really long in the pursuit of increasing the Indian production capacity while giving India its competitive edge in the global market. With government support through initiatives and investments, the future of the Indian steel industry looks bright, with enormous scope for development, technological progress, and wider applications in infrastructure as well as in industrial growth.
FAQs
1. Where does India stand in the league of global steel producers?
India is one of the world’s largest producers of crude steel, next to China.
2. How much steel is produced in India every year?
The country is likely to produce around 123-127 million metric tons of steel per year in FY2024.
3. What does the Government of India do in order to help the steel industry?
The Indian Government supports the steel sector and enables the sector to grow through schemes like the Production-Linked Incentive (PLI) scheme, which encourages investment and self-reliance in the sector.
4. What are the drivers of steel demand growth in India?
The various drivers are, among others: infrastructure, urbanization, and industrial developments.
5. Which Indian steel companies are globally competitive?
Companies like Tata Steel, JSW Steel, and SAIL have a global competitive scale.
