Case Study
on
TATA Steel
Submitted To
Dr. Archit Tapar
Indian Institute of Management Rohtak
In partial fulfillment of the course requirement for
Business To Business Marketing
Submitted By:
Group 02
Saptadweepa Banji PGP12196
Manisha Ciddu
PGP12202
Apeksha Gupta
PGP12216
Gargi Sharma
PGP12219
Manya Mittal
PGP12232
Sameer Tiwari
PGP12267
Tata Steel
Part A
Introduction
It was a rainy day with a beautiful sky and pleasant weather, but the situation at Tata Steel
Tamilnadu was not that pleasant. Satya Mahindra, the managing director of Tata Steel Ltd (Tata
Steel) Tamil Nadu, is facing one of the most challenging times in his 25 years of experience in the
steel industry. The sales of tata steel had gone down for the third time in a row. The firm’s top
management had a keen interest in Tamil Nadu as it performed very well in the past. The steel
industry, especially in B2B, was getting more competitive. However, it should not affect tata steel
much as the brand has been established for several years. But does that mean they keep calm even
though the sales figures go down? The bigger question for Satya Mahindra is how to get the
moment of growth in his branch.
Tata Steel Ltd
Tata Steel is a diversified and integrated steel company. It is one of the biggest steel producers in
the world. Tata Steel can produce 34 million tonnes of crude steel annually globally. The business
is a diversified steel producer with significant operations in South East Asia, Europe, and India.
The company has commercial production in over 50 countries and manufacturing facilities in 26
nations. With a capacity to produce more than 12.1 million tonnes of crude steel annually, Tata
Steel ranks as the second-largest steel producer in Europe. The company, along with its
subsidiaries, manufactures and sells domestic and international steel products. They provide
building rebar, bearings, galvanised sheets, tubes, wire rods, and hot and cold rolled coils and
sheets.
Industry Overview
The Indian steel industry contributes around 2% of the nation's GDP, with a 1.4x output multiplier
and a 6.8x employment multiplier. The blast furnace (BF) or direct reduced iron (DRI) route is
predominantly iron-based. In FY22, crude steel production in India is estimated to increase by
18% to reach 120 million tonnes, driven by rising customer demand. In FY22 (till January),
finished steel production stood at 92.82 MT. The finished steel consumption stood at 86.3 MT in
FY22 (till January). The domestic availability of raw materials like iron ore and affordable labour
has been a significant contributor to the growth of the steel industry. As a result, the steel industry
has been essential to India's manufacturing output.
Recent years have witnessed significant investment in the steel industry. 100% FDI is allowed
through the automatic route in the steel sector. India is attempting to urbanise, industrialise, and
expand to meet the needs of a growing population. Long-term government spending on industry
and infrastructure is thus anticipated to increase steel usage. 9% of India's total steel consumption
goes to the infrastructure sector, and that percentage is projected to rise to 11% by 2025–2026.
Since the construction sector is a significant consumer of steel, industry expansion will result in
growth for the steel sector. Around 10% of India's overall steel demand comes from the auto
industry. The need for steel from the automotive industry is anticipated to be strong due to rising
capacity addition.
Market scenario - Steel Industry
With an output of 9.8 MT as of October 2021, India ranked second in the world for crude steel
production. In FY22 (through January), crude and finished steel production was 98.39 MT and
92.82 MT, respectively. Due to escalating consumer demand, India's crude steel production is
anticipated to rise by 18% in FY22 to 120 million tonnes. The domestic accessibility of raw
materials like iron ore and the affordability of labour have been the main drivers of growth in the
Indian steel industry. As a result, India's manufacturing output has significantly benefited from the
steel industry. The Indian steel industry is modern, with cutting-edge steel mills. It has always
worked to upgrade older plants to be more energy efficient and to modernise them continuously.
The crude and finished steel production in FY22 (through January) was 98.39 MT and 92.82 MT,
respectively. Crude steel output is predicted by CARE Ratings to expand by 8–9% YoY in FY22,
reaching 112-114 MT (million tonnes). In FY22, 86.3 MT of finished steel were consumed (till
January). The usage of finished steel for the period of April 2021 to January 2022 was 86.3 MT.
India's finished steel consumption in January 2022 was 9.65 MT.
Exports and imports of finished steel were 12.2 MT and 4.3 MT, respectively, in FY22 (up through
February 2022). India's exports increased in April 2021 by 121.6% YoY in comparison to April
2020. 9.49 MT of finished steel were exported from India in FY21.
Customer Segments of Tata Steel
Market Segment
Construction
Automotive
Market sub-segments
Products & Brands
● Individual
House
Builders (B2C)
● Tata Tiscon (Rebars)
● Tata Structura (Pipes)
● Tata Pravesh (Doors &
Windows)
● Rural Roofing(B2C )
● Tata Shaktee (Roofing
sheets)
● Nest-in
(Housing,
Water ATMs, biotoilets)
● Infrastructure (B2B)
● Housing
&
Commercial
(Business 2 Emerging
Corporate Account)
● TMT Rebars (Higher
Dia Rebars, Corrosion
Resistance Steel)
● Tiscon
Readybuild
(Cut & Bend Bars)
● Auto OEMs (B2B)
● Hot Rolled, Cold
Rolled, Coated Steel
Coils & Sheets
● Auto
● Hot
Ancillaries
Rolled,
Cold
(B2B, B2ECA)
Rolled, Coated Steel
Coils & Sheets
● Tubes
● Spring
● Bearings
General Engineering
● Panel & appliances
(B2ECA)
● Fabrication & Capital
Goods (B2ECA)
● Furniture (B2ECA)
● Steelium Panel
● Galvano Panel,
● Appliance
Industrial
● LPG (B2B)
● Hot Rolled
● Welding (B2B)
● Wire Rods
● Process Industries (e.g.
Cement, power, steel)
(B2B)
● Ferro Chrome
● Process Tubes
● Agri equipment (B2B)
● Bearings
● Fencing, Farming &
Irrigation (B2C)
● GI wires
● Agri & Garden Tools
● Conveyance Tubes
Agriculture
Consumer goods of Tata Steel
In an economy that is rising significantly and where customers are becoming more qualityconscious and demanding regularly, Tata Steel makes sure to continually update its product line
with specialised advances and innovations to meet various needs. The company produces and
processes steel for various global consumers in the consumer goods industry. These include
manufactured items, packaging, and many more applications, as well as home appliances. These
materials are typically utilised in IT gear, home appliances, office supplies, lighting, furniture, and
white goods. Customers in this industry seek a wide range of high-quality products that are
frequently customised to meet their needs, as well as supply and service that is dependable and
flexible, as well as innovation and technical assistance that will give them a competitive edge.
Following this, Tata Steel has ensured its product and service offerings are market-focused and
reflect specific market needs.
Marketing strategies of competitors
1.SAIL
Product Strategy: In its marketing mix, SAIL offers specialised steel products for businesses and
industries. The SEMIS [Blooms, Billets, Slabs], Structurals [Beams, Channels, Angles, Crane
Rails], Bars, Rods and Rebars, Wire Rods, Coils and Sheets, Plates, Pipes, and Electrical Steels
are all included in the SAIL product catalogue. Additionally, SAIL produces parallel flange beams,
structurals, alloy steel plants, pig iron, rails, wheels, axles, and wheel sets. It provides customised
steel in response to customer requests.Steel Authority of India now offers a variety of heavy and
medium structural sections, including Parallel and Flange Beams, that adhere to industry norms
and quality. The SAIL company creates semi-finished goods including slabs, billets, and blooms
that are then transformed into completed goods in the company's processing facility. Steel plates
are mostly utilised in the construction of railway waggons, storage tanks, ships, bridges, and
boilers. Hot rolling billets in the finishing mills is how SAIL manufactures steel bars and rods.
Price Strategy: SAIL being a market leader and a government enterprise controls most of the
pricing factors in the industry. The price put out by bidders during the auction informs the pricing
choices made in the marketing mix. Prices given during auction sales, the managing director's
consent, and the quantity of supplies needed are further considerations. Based on the choice to set
the prices of materials, the average price offered during the auction is taken into account and
further breakup pricing is applied. The economies of scale play a role in SAIL's pricing strategy
because cheaper prices result from buying more in bulk. SAIL's standard pricing committee
examines the costs of various goods and makes decisions to raise profits. The following aspects of
the material in stock, the prediction for the following month, market conditions, and the
transportation facility are taken into account when price decisions are made.
Place and Distribution Strategy: Products from SAIL are sold in many nations, including
Myanmar, Bangladesh, Sri Lanka, and Nepal, as well as Japan, China, Korea, Taiwan, Vietnam,
Singapore, Philippines, Indonesia, Malaysia, Thailand, Australia, Mexico, and Europe (UK,
Germany, France, Belgium, Italy, Spain, Netherlands, Portugal). The Rourkela Steel Plant, Bhilai
Steel Plant, Durgapur Steel Plant, Bokaro Steel Plant, and IISCO Steel Plant are only a few of the
integrated plants that the Steel Authority of India has established as operating units in key regions
of the nation. SAIL operates three specialised facilities in Salem, Durgapur, and Bhadravati, as
well as one subsidiary across the nation.
2. Jindal Steel
Jindal Steel and Power is one of the leading Indian steel manufacturers. The major competition
faced by Jindal steel are TATA steel, SAIL and ESSAR group.
Price Strategy: The pricing strategy adopted by Jindal steel is Market penetration strategy. Since
pricing affects sales volume, profit margins, and long-term profit goals, decisions on pricing are
made after careful consideration. Being a major producer of steel, Jindal Steel and Power has
concentrated on economies of scale, or production in large quantities, to lower the average price.
With the use of cutting-edge technology and the execution of effective procedures, Jindal is
concentrating on lowering costs and raising productivity. Additionally, it prevents inventory
accumulation and changes production to be market-driven
Promotion & Advertising Strategy: For the objective of deploying resources for market access,
Jindal Steel and Power is experimenting with international marketing methods. It has created a
documentary on its production process as well as Jindal Panther commercials to push TMT Bars.
Outdoor advertising, print advertisements, and using sales force to promote the brand were the
communication strategies employed for numerous brand launches. Additionally, it advertises its
goods on Facebook and recognises individuals with the Rashtriya Swamyamsiddh Awards for
courageous behaviour. Internal initiatives were launched by Jindal Steel and Power to emphasise
the importance of the client to staff members.
3. ArcelorMittal Steel
Product Strategy: A wide variety of premium semi-finished, completed, and carbon steel
products are made by ArcelorMittal. Studying the following industries will help you better
understand the items in the marketing mix - Construction, Shipping & logistics, Automotive,
Domestic appliances, Steel, Transport, Maritime, Rail and Packaging.
Price Strategy: In order to reduce costs, ArcelorMittal has implemented a "management gains
programme" that targets annual savings, controls both variable and fixed costs, and rationalizes
capital spending by putting more of an emphasis on maintaining existing operations than on
expanding them.
Promotion & Advertising Strategy: The company advertises a wide range of products using its
sizable clientele. It has long-standing business ties with important industrial facilities all around
the world, including ThyssenKrupp and others. These connections aid in the promotion of the good
and increase total sales.
3. Essar Steel
Product Strategy: The Essar Group is a large Indian conglomerate. Essar Group's marketing mix
includes a diverse range of services and products from a variety of industries.The Essar group is
organised into the following categories: Oil and gas, as well as power, are all part of the energy
sector, Mining, metals, and steel, Infrastructure includes projects and ports.
Shipping, BPO, Real Estate, and Telecom are examples of services. Services
Retailers include The MobileStore and Essar Hypermart.
The state-of-the-art facilities comprise iron making, steel making, and downstream facilities,
including a cold rolling mill, a galvanizing and pre-coated facility, a steel-processing facility, an
extra-wide plate mill and 3 pipe mills with coating facilities. Essar Steel relies heavily on
information technology in its operations to ensure consistent product quality.
Price Strategy: Essar Group is one of India's largest corporations, with significant revenue and
profit across its subsidiaries. The government sets the prices of consumer goods in India, and
businesses must follow them. Because of the government of India's standard regulation, there is
little difference in the price margins of various competing organisations. Prices for retail brands
are kept competitive in order to compete with existing competitor retailers and ecommerce
platforms.
Place & Distribution Strategy: Essar Group has a global presence. Essar Steel operates in three
countries: India, the United States, and Canada. Over 1000 MobileStore retail stores can be found
across India. Essar Steel was the first Indian steel manufacturer to offer Special grade steel for a
wide range of applications in land and naval defence systems. Essar Hypermart has established the
world's largest steel retail network of over 600 outlets that stock Essar Steel products in order to
make steel available directly to the end-user.
Promotion & Advertising Strategy: Essar Group has a strong workforce and provides highquality services. Essar is committed to maintaining a large customer base by actively participating
in promotions via social media, both digital and traditional, as well as through advertisements in
newspapers, magazines, billboards, and other media. The Essar Group also believes in giving back
to society through CSR activities and environmentally friendly operations. Safety and the
environment are its top priorities, and the company meets all standards in order to achieve them.
Problem Statement
With the recent increase in competition in the market, the demand for Tata Steel’s cold rolled steel
has decreased significantly resulting in sales volume as well as sales revenue reduction. For years,
Tata Steel has differentiated itself on the basis of quality and brand identity. Now that competitor’s
supply is lower in cost i.e. Rs.2 per ton as compared to Tata Steel’s cold rolled steel, Mr. Satya
Mahindra is wondering how to tackle this situation:
1. Whether to launch a new product by investing in R&D that will cater to these
customers as well as create a new demand in the market
2. Reduce price of cold rolled steel but banning of coal import from russia and export
duty on steel has put Tata Steel in a difficult situation resulting in inventory pile up
3. Reduce quality but this will be in violation of Tata Steel’s motive of being the
industry best
4. Continue as it is
Part B
Company Analysis of Tata Steel
Strengths:
● Trust in Tata:
Because of its high quality, Tata is one of the most reputable and well-known brands in
India and worldwide. The relationship with the name also gives the company tremendous
brand equity.
● Market Position:
Tata Steel is the second-most geographically-diversified steel producer in the world and
one of the most significant steel producers. It is well-known in both Europe and the AsiaPacific region.
● Capability and Adaptability:
This company’s captive collieries, iron ore mines, and quarries produce about 14 million
tonnes of ores annually. The company's paramount flexibility is to a rapidly changing
environment. operations in 26 countries and a presence on billboards in more than 50.
Weaknesses:
● Disintegrated Operations in Europe:
While Tata Steel's operations in India are integrated, those in Europe are disintegrated and
consequently connected to several international suppliers. This has an impact on quality
control and rising prices as a result.
● Functional Issues:
The operational effectiveness is not as high as that of world leaders. A little behind the
times technologically.
● Over-dependence on Europe:
Despite being an Indian company, Tata Steel does almost 50% of its business in Europe.
Thus any slowdown there will have an impact on Tata Steel's income.
Opportunities:
● Global Expansion:
Future growth in the industrial, construction, and automotive sectors will propel industry
expansion, and Tata Steel is positioned to profit from it. Public-private collaboration
purchasing coal blocks in continents such as Asia and Africa.
● Adapt New Technologies:
Since Tata Steel lags behind its rivals in terms of technology, it has the opportunity to
implement new processes like the Cortex process, the Hismelt process, Direct iron ore
smelting, etc.
● Increasing demand for steel in India:
India is expected to experience an increase in steel demand over the next four years due to
the country's expanding manufacturing sector and housing market. Tata Steel will
undoubtedly gain from this.
Threats:
● Decreasing Global steel prices:
Due to overproduction, China could supply steel at a reduced price to the rest of the world,
pushing the cost of the process globally. Rising costs for coking coal.
● Government and Environmental regulations:
Increasing costs of compliance with government and environmental standards for business
reasons. In both mining and production, Tata Steel is subject to strict regulatory and
environmental laws.
● Miscellaneous issues:
Violent protests over land acquisition are widespread in India. The government and the law
set norms. Their business is also hampered by international competition.
Tata Steel’s Marketing Mix
Product
Most of Tata Steel’s goods are made in India, although the company operates in Thailand and
Singapore. It also comprises goods produced by Corus in the Netherlands and the United Kingdom.
The Product Strategy includes each of these goods.
The finished and semi-finished goods and lengthy products are among Tata Steel's offerings. They
have expanded their product line to include bearings, precision tubes, locomotive parts, and
ferromanganese. A Tata Steel acquisition, Corus specialises in coated strip products in coil and
sheet form.
Price
Product pricing is crucial since it affects various factors, including demand, product favorability,
and many more. The purchasing power, production, availability of materials, level of competition,
and profit potential are other factors that are taken into account by the businesses.
Tata Steel has always tried to keep its prices low, which has been advantageous for them.
The steel demand has recently increased, which has given the company many options.
Tata Steel has access to the most recent technologies, allowing them to keep production levels low
while upholding its standards.
Place
Tata Steel is a worldwide company operating in fifty nations. While its marketing headquarters are
in Kolkata, West Bengal, its corporate offices are in Mumbai, Maharashtra. Among the 26
countries where Tata Steel has manufacturing facilities are India, the United Arab Emirates,
France, Malaysia, Vietnam, the United Kingdom, Canada, Thailand, Singapore, the Netherlands,
China, and Australia. The company's main production facility is in Jamshedpur, Jharkhand, with
a few others in Orissa, Maharashtra, Indore and Pithampur in Madhya Pradesh, and Kharagpur in
West Bengal.
The business runs product service centres in Norway, Finland, and Sweden, and its New York
subsidiary. Around 80,500 people are employed by Tata Steel's robust and extensive distribution
network, which includes service centres, sales offices, direct supply routes, warehouses and thirdparty processing agents.
Promotion
In B2B dealings, Tata Steel is a significant player. It has no tools for communicating with
customers. Tata Steel has been effectively marketing its goods to make consumers aware of them.
It has started running some adverts to please its audience. #Apnokeliyeaagobadho attempted to
evoke positive feelings toward the Covid-19 Warriors by focusing on their sentiments. Posters and
outdoor advertising were their primary promotional methods. TV commercials were used to
deliver messages to pleased customers.
Tata Steel Product segments
● Consumer goods
● Construction
● Agriculture
● Automotive
● Energy and power
● Engineering
Decision-making unit
Initiator
Operations Manager
Gatekeeper
Purchasing manager
Influencer
Senior site engineer
Decider
Managing director
Purchase/buyer
Purchasing Manager
Users
Plant Workers
Buying behaviour
Steps involved in buying
1. Initiator rises the need for steel
2. Gatekeeper will look for different suppliers in steel industry
3. Compares product specifications of different suppliers
4. Proposal for the order is submitted
5. The proposals are evaluated
6. Price negotiations and the actual buying occurs
Godrej
The Godrej group is an Indian multinational fast moving consumer goods (FMCG)
company established in 1987. The company headquarter is in Mumbai, Maharashtra, India.
Godrej enjoys the patronage of over 750 million Indians across consumer goods, real estate,
appliances, agri and many other businesses. A division of the Godrej Group, Godrej
Industries Ltd. (Godrej Industries) is a producer and marketer of consumer goods and
associated commodities. The company sells a variety of goods, such as oleo chemicals,
surfactants, animal feeds, poultry, agro-products, and personal and household care items
It makes its goods available under the Godrej name. It also engages in activities related to
oil palm plantations, real estate, and property development. Through its factories in
Maharashtra's Ambernath, Wadala, Valia, and Dombivali, Godrej Industries conducts
business. The business has operations in Singapore, Indonesia, and India.
Cold rolled steel:
Cold rolled steel, often known as CRS, is a well-known material that is incredibly ductile
and works well in applications where accuracy is required.
● It is used in numerous products, including furniture, filing cabinets, lockers, and
home appliances.
● CRS is frequently used in construction applications to construct garages, steel sheds,
and other industrial structures.
● For jobs where accuracy is crucial, cold-rolled steel is appropriate. For applications
requiring a moderate pull, the metal is easily formable.
● It's perfect for usage in various household appliances and metal furnishings because
of this.
● This metal is frequently used to make school lockers and filing cabinets.
● The development of electrical systems in India has been fueled by a greater
emphasis on technological advancement and automation across all manufacturing
sectors. Due to its extremely high flatness, control over thickness, and homogeneous
mechanical qualities, cold-rolled steel is a popular choice among consumers.
● In the retail, business, wholesale, and industrial sectors, metal packaging has
become an adaptable option. Steel has the highest recycling rate of all the metals,
hence it is frequently used in rigid metal packaging. This steel helps a lot in this
case,
● Drums and barrels are among the bulk metal containers in greater demand as
industrialisation grows. Due to its excellent surface, precise thickness tolerances,
and consistent mechanical qualities, cold rolled steel has responded well to this
growing demand.
Comparison between Tata steel and JSW
(Exhibit-1)
Manufacturing:
Manufacturing plant of JSW is in vijayanagar, karnataka and none of the plants of tata steel are in
south india. (In May 2021, JSW Steel announced the steel-making expansion at its Vijayanagar
plant by 5 MT every year to 17 MT every year by the financial year ending March 2024.)
Tata steel is focusing on scrap based steel which is mainly used for automobiles (In October 2021,
Tata Steel was planning to set up more scrap-based facilities that will have a capacity of at least a
billion tonnes by 2025.)
Distribution Channels:
Tata Steel has a network of 27 sales offices with 18 stockyards, 262 distributors, and 14,688 dealers
for its business-to-customer (B2C) division to sell its products.
JSW Steel sells its products through a network of over 16,000 retail outlets covering over 600
districts in India. It also exports to over 100 countries across five continents.
Research and Development:
JSW Steel has a strategic collaboration with JFE Steel of Japan. It has access to state-of-the-art
technologies that will help produce high-value special steel products. It's also digitally
transforming every aspect of its business by adopting technologies such as artificial intelligence,
big data, advanced robotics, and hybrid cloud.
Tata Steel is leveraging technology to develop new products to improve operational efficiency and
sustainability. In the financial year 2021, it developed 79 new products. It also has 109 patents
under its name.
Sales and Revenue:
JSW Steel reported net sales of Rs 52,971 crore in the year ended March against Rs 45,710 crore
reported by SAIL. In comparison, Tata Steel’s India operations reported net sales of Rs 33,666
crore in the same period.
Reasons for Godrej especially in Tamilnadu to choose JSW over Tata steel
1. In the consumer goods segment the difference between value proposed and value perceived
is increasing.
2. The manufacturing plant of JSW is at VijayaNagar,Karnataka which is close to TamilNadu
and none of the Tata steel plants are in south India, this could be one of the reasons.
3. Transportation cost would be higher for tata steel than JSW
4. JSW has partnered with JFE steel Japan for research and development. This might also
impact customer perception that foreign technology is used and hence is of greater quality
5. Tata steel is operating through distribution channels and retailers whereas JSW is selling
their retail stores which will help customers build relationships with the brand directly
rather than mediators.
6. Tata steel follows basic KAM structure and we recommend to follow interdependent KAM
structure as it helps to make a transactional customer to a relationship customer.
Exhibits
Exhibit-1
Feature
JSW
Tata steel
Sales (Q3 2022)
2.64 mn tonnes
3.27 mn tonnes
Price
84,000-84,500/ton
85,000-86,000/tonn
R&D investment
380 mn INR
2130 mn INR
Total Investment budget
20000 Cr INR
12000 Cr INR
Tech aspect
0.90mm , IS 13 Gr O
0.90mm
Product Specification(CRS) Thickness:0.35mm to 3.2, Thickness: 0.40 to 3.15,
width: 1870mm max
Width: max 2050 mm
Sales channel
JSW Retail Store
Distributors
New Promotion
‘Always Around’
Tata Pravesh, We also make
tomorrow
Exhibit-2 R&D spending statista report for TATA Steel
Exhibit-3
R&D spending statista report for JSW Steel
References:
1. Equitymaster Views On News. (2022, July 11). Tata Steel vs JSW Steel: Which Steel
Stock is Better? Equitymaster.
https://www.equitymaster.com/detail.asp?date=03/10/2022&story=5&title=Tata-Steelvs-JSW-Steel-Which-Steel-Stock-is-Better
2. Iron & Steel Industry in India: Production, Market Size, Growth | IBEF. (2022). India
Brand Equity Foundation. https://www.ibef.org/industry/steel
3. Iyengar, S. P. (2022, May 29). JSW Steel plans ₹20,000-cr capex this fiscal. The Hindu
BusinessLine. https://www.thehindubusinessline.com/companies/jsw-steel-plans-20000cr-capex-this-fiscal/article65472956.ece
4. Staff, B. E., & BrandEquity, E. T. (2022, June 9). JSW Steel rolls out a new campaign
‘Always Around.’ ETBrandEquity.Com.
https://brandequity.economictimes.indiatimes.com/news/advertising/jsw-steel-rolls-out-anew-campaign-always-around/92108279
5. Statista. (2022, February 14). JSW Steel's R&D expenditure FY 2018–2021.
https://www.statista.com/statistics/1172384/jsw-research-and-developmentexpenditure/#:%7E:text=In%20the%20financial%20year%20of,around%20380%20milli
on%20Indian%20rupees.
6. https://www.jswcoldrolledsteel.in/uploads/pdf/jsw-cold-rolled-brochure.pdf
7. https://www.tatasteelium.com/wp-content/uploads/2014/12/Steelium-Brochure.pdf