tata steel ritika (1)

8/10/2019 Tata Steel Ritika (1)

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UNIVERSITY OF NOTTINGHAM

AN EMPIRICAL STUDY ON MARKETINGPROSPECTS AND POTENTIAL OF STEEL

INDUSTRY IN INDIA

VARUN P.

BAGLA 2008

MA MARKETING


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AN EMPIRICAL STUDY ON MARKETINGPROSPECTS AND POTENTIAL OF STEEL

INDUSTRY IN INDIA

by

VARUN P.BAGLA

2008

A DISSERTATION PRESENTED IN PARTCONSIDERATION FOR THE DEGREE OF

MA MARKETING.


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TABLE OF CO N TE N T S

TITLE PAGE NO.

Ch% t#$ 9 INTRODUCTION

. B%( 1$&-n" &, th# !t-"y::::::::::::::::::::.

.2 R#!#%$(h &b3#(t *#!::::::::::::::::::::::.2

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2.< M%$ #t n1 St$%t#1 #! O, SAIL:::::::::::::::::::;.? M%3&$ P$&"-(#$! &, GP GC Sh##t! In In" %::::::::::::::=0

Ch% t#$ < EMPIRICAL FINDINGS

REFERENCES::::::::::::::::::::::: .@@APPENDI :::::::::::::::::::::::: .. 02


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LI S T OF T AB LE S

TABLE NO. NAME PAGE NO.

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b# th# )#%"#$. H&+#*#$' In" % ! !)%t#" t& #/#$1# %! th# !#(&n" A! %n 1 %nt n th# n#7t t#n

y#%$!. F 1-$%t *#)y ! #% n1' +h )# th# QD$%1&nQ h%! $#%(h#" /%t-$ ty th# QL&t-!Q !

%b&-t t& b)&&/ n $#! )#n"#nt ! )#n"&$. In 200? Ch n#!# !t##) (&n!-/ t &n +%! %$&-n"

;20 Mt' .# Ch n% !+%))&+#" %)/&!t ;2 &, 1)&b%) !t##). It ! -n) #)y th%t ,-t-$#

$&"-(t &n %n" (&n!-/ t &n +&-)" (&nt n-# t& ,)&-$ !h %t 1$&+th $%t#! &, 8 %n" 8

$#! #(t *#)y %! h%! b##n th# (%!# &*#$ th# )%!t ,#+ y#%$!. On th# &th#$ h%n"' t ! !-n $ !#

t /# ,&$ In" % +h#$# th# "#/%n" h%! n($#%!#" by > 8 n th# )%!t (&- )# &, y#%$!

4H n"-'200?5. In th# )&n1 $-n' In" %n !t##) ! ) #)y t& b# /&$# (&!t #,,#(t *# ! n(# -n) #

Ch n%' In" % h%! $#)%t *#)y )%$1# $#!#$*#! &, $&n &$# 4 < b )) &n t&n#!5' +h (h

!t$%t#1 (%))y #7 )& t#"' (%n !-!t% n "&/#!t ( $&"-(t &n &, 20 ;0 / )) &n t&n#! ,&$ %t

)#%!t 2? ;0 y#%$!.


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19/114

.;.? S t##) G # tt n 1 S t ,, C&/ # t t &n ,$&/ Oth # $ M # t% )!

An&th#$ Q) t/-! t#!tQ th%t h%! t& b# %!!#" ! +h#th#$ !t##) + )) $#/% n (&/ #t t *#

$#)%t *# t& %)t#$n%t *# /%t#$ %)! ) # %)-/ n-/' /%1n#! -/' )%!t (!' t t%n -/' #t(. Th#!#

/%t#$ %)! %$# %)$#%"y , n" n1 -!# n th# %-t&/&b )# n"-!t$y' +h (h ! + th&-t "&-bt th#

b 11#!t n" * "-%) (&n!-/#$ &, !t##). Th#$#,&$#' % )&n1 t#$/ * #+ h%! t& b# t% #n %! ,%$

%! th# $ th$#%t t& !t##) n th# %-t&/&b )# n"-!t$y ! (&n(#$n#". C&/ #t t &n ,$&/

%)-/ n-/ A)-/ n-/ ! &,t#n t&-t#" %! % /#t%) th%t !t##) h%! t& (&nt#n" + th n ,-t-$# n

th# %-t&/&b )# !#(t&$. E*#n t&"%y' %*#$%1# E-$& #%n (%$! (&nt% n >0 1 %)-/ n-/ %n"

- t& 20 1 &, )%!t (! 3-!t "&-b)# &, th# @80 ! , 1-$#!. D#! t# th !' !t##) h%!

(&nt n-#" t& b# th# $#"&/ n%nt /#t%) -!#" %$t)y b#(%-!# &, th# ,%(t th%t (&n(#$t#"

#,,&$t! +#$# /%"# by th# !t##) n"-!t$y t& %$$#!t th# 1$&+th &, th# -!%1# &, %)-/ n-/ n

%-t&/&b )#!. S&/# , *# y#%$! b%( ' /&$# th%n ;? !t##)/% #$! %($&!! th# 1)&b#4 n()-" n1

T%t% St##) %n" SAIL ,$&/ In" %5#/b%$ #" - &n %n #7#$( !# #nt t)#" QU)t$% L 1ht St##)

A-t&/&b )# B&"yQ -n"#$ th# %#1 ! &, th# Int#$n%t &n%) I$&n %n" St##) In!t t-t# 4IISI5

t& $&/&t# th# -!%1# &, !t##) n %-t&/&b )#!. Th ! #,,&$t +%! % !-((#!! %n" %-t&/% #$!

+#$# (&n* n(#" th%t !t##) h%" %n #"1#.

F&$ #7%/ )#' A-" +h& +#$# #7 #$ /#nt n1 + th %)-/ n-/ ,&$ (%$ b&nn#t!' $&&,' #t(.

$#*#$t#" t& h 1h !t$#n1th' ) 1ht +# 1ht !t##) !h##t!. Th#y b#(%/# %+%$# th%t / $& #$ -!#

&, %)-/ n-/ (%n $#!-)t n $&b)#/! n (&nt$%!t t& !t##). Th# $#"-(t &n by t+& th $"! n

+# 1ht by -! n1 %n %)-/ n-/ %$t (&/ %$#" + th % ! / )%$)y ! #" $&n !t##) %$t

!##/#" #n&$/&-!)y %tt$%(t *#' b-t t +%! ,&-n" th%t t +%! %((&/ %n #" by % $#"-(t &n

by t+& th $"! n th# !t ,,n#!! &, th# %$t. 4S/%$ ' 200=5


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H&+#*#$' th# th$#%t ,$&/ %)-/ n-/ $# )%( n1 !t##) n %( %1 n1 4(%n!' ,& )' #t(.5' +%t#$

t$#%t/#nt' (&n!t$-(t &n 4+ n"&+!' "&&$!' ! " n1' b- )" n1 + $#' #t(.5' (&n!-/#$ "-$%b)#

1&&"! 4% ) %n(#!' (&& n1 -t#n! )!' #t(.5 ! $#%). In ,%(t' ,&$ b#*#$%1# (%n! %)-/ n-/ h%!

$# )%(#" !t##) t& % )%$1# #7t#nt n USA' n %$t (-)%$. F&$t-n%t#)y th#!# /%$ #t! %$# !/%))'

%n" n&t &, 1$#%t ! 1n , (%n(# n /%ny "#*#)& n1 (&-nt$ #!. P)%!t (! (&/ &! t#!

$# )%( n1 $&n !t##) Th# %-t&/&t *# n"-!t$y ! %)!& * #+#" %! % h-1# %n" 1$&+ n1

/%$ #t ,&$ )%!t (! %n" (&/ &! t# /%t#$ %)!. S#), $# n,&$(#" )%!t (! 4SRP!5 (&/b n# th#

*#$!%t ) ty %n" #%!y $# (y()%b ) ty &, % th#$/& )%!t ( + th th# h 1h #$,&$/%n(# &, , b#$

$# n,&$(#" (&/ &! t#!. Th&-1h SRP! %$# n th# n%!(#nt !t%1# &, "#*#)& /#nt' th# $ )&+

+# 1ht' h 1h !t ,,n#!! %n" / %(t $#! !t%n(# %$# /% n1 th#/ (%n" "%t# /%t#$ %)! ,&$ %

+ "# $%n1# &, !#/ !t$-(t-$%) %n" !t$-(t-$%) %-t&/&t *# % ) (%t &n!. SRP! %$# b# n1

%(t *#)y /%$ #t#" %! % !- t%b)# /%t#$ %) ,&$ /% n1 ) 1ht#$ %n" !/%))#$ (%$! th%t !%*# ,-#).

It ! ()% /#" th%t th# +# 1ht &, % / " ! # (%$ ! ) #)y t& "#($#%!# ,$&/ '


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t& -!# t t%n -/. On)y n !-(h *#h ()#! (%n th# n t %) h 1h (&!t &, th# /%t#$ %) b#

(&/ #n!%t#" ,&$ # th#$ by th# %"*%nt%1#! &, +# 1ht $#"-(t &n &$ by th# n($#%!#" ) ,# &,

th# (&/ &n#nt &n %((&-nt &, t! #7t$#/#)y h 1h (&$$&! &n $#! !t%n(#. 4S/%$ ' 200=5. I,

th# 1#n#$%) %nt ( %t &n th%t th# $ (# &, t t%n -/ /#t%) + )) "#($#%!# !-b!t%nt %))y + th

n($#%! n1 $&"-(t &n %n" / $&*#/#nt n $&(#!! n1 -! n1 !&/# $#(#nt $#*&)-t &n%$y

"#*#)& /#nt! n*&)* n1 #7t$%(t &n &, t t%n -/ ,$&/ ) /&n t# (&/#! t$-#' t t%n -/ /%y b#

%b)# t& $# )%(# !t##) n %-t&/&t *#!. F&$ th# /&/#nt' th#$# ! n& $#%) th$#%t.

.;.= R #*&) -t &n%$ y D#*#) & / # nt !

T%) n1 %b&-t th# %"*#nt &, n%n&t#(hn&)&1y' ! n(# /%ny ))-!t$ &-! !( #nt !t! h%*#

$#" (t#" th%t th ! $#*&)-t &n%$y t#(hn&)&1y h%! th# &t#nt %) t& (h%n1# th# *#$y +%y +#

) *#. Th-! , n%n&t#(hn&)&1y ,-), )! #*#n % %$t &, t! (&n! "#$%b)# $&/ !#' th# &-t)&&

,&$ /&!t /#t%)! /%t#$ %)! n()-" n1 !t##) (&-)" (&/# n ,&$ !($-t ny. M%ny &, y&- %$#

$&b%b)y %+%$# &, +h%t n%n&t#(hn&)&1y ! %)) %b&-t. On# / )) /#t#$ ! &n# / )) &n

n%n&/#t#$! %n" th ! ,&$/! th# b%! ! &, th# n%n& /%1 ( . -!t t& 1 *# % hy! (%) "#% &,

h&+ !/%)) % n%n&/#t#$ 4n/5 %(t-%))y !' +# n##" t& * !-%) # th%t t#n hy"$&1#n %t&/!

/% # n/' th# + "th &, n&$/%) h-/%n h% $ ! 80'000 n/' %n" % $#" %nt ! ? / )) &n n/

th ( . Th-!' n%n&t#(hn&)&1y ! %)) %b&-t $#%))y !/%)) &b3#(t!' &,t#n "&+n t& th# ! # &,

n" * "-%) %t&/!. Th# % ) (%t &n &, n%n&t#(hn&)&1y +&-)" (&*#$ th# #nt $# $%n1# ,$&/

t& 00 n/. F&$ !&/#' n%n& !(%)# n()-"#! &b3#(t! %! !/%)) %! % t#nth &, % n%n&/#t#$'

+h (h ! %b&-t th# ! # &, th# b&n" b#t+##n t+& (%$b&n %t&/! ,&$ &th#$!' th# $%n1#

#7t#n"! t& ?0 n/ &n)y. h%t ! ()#%$ ! th%t th# /%1 ( &, n%n& !(%)# %t&/! %n" /&)#(-)#!

! " ,, (-)t t& (&/ $#h#n". In"##" t ! / n" b&11) n1 t& /%1 n# th# #7t#nt t& +h (h


22/114

!t$%n1# th n1! (%n h% #n n th ! n#+ +&$)" . I, !&/#&n# th$&+! % t#nn ! b%)) %1% n!t %

b$ ( +%))' h# +&-)" (#$t% n)y b# !h&( #" , th# b%)) %!!#" ()#%n)y th$&-1h th# +%)) %n"

!% )#" &-t t& th# &th#$ ! "#. Y#t' th ! ! $#%) n th# n%n& +&$)". It h% #n! b#(%-!# %t *#$y

!/%)) !(%)#!' th# $& #$t #! &, /%t#$ %)! n()-" n1 !t##)' (%n (h%n1# "$%/%t (%))y n t#$/!

&, (&)&-$' /%1n#t !/' th# %b ) ty t& (&n"-(t #)#(t$ ( ty %n" !& &n. In th ! n%n& +&$)"' t ny

%$t ()#! &, 1&)" /#)t %t t#/ #$%t-$#! !#*#$%) h-n"$#" "#1$##! )&+#$ th%n % )%$1# n-11#t

%n" (& #$' +h (h ! n&$/%))y % 1&&" (&n"-(t&$ &, #)#(t$ ( ty' (%n b#(&/# $#! !t%nt t&

#)#(t$ (%) /%1n#t ( , #)"! b#(%-!# #)#(t$&n!' ) # th# /%1 n%$y t#nn ! b%))' (%n ! / )y

3-/ ,$&/ &n# )%(# t& %n&th#$' %n" /&)#(-)#! (%n %tt$%(t #%(h &th#$ %t /&"#$%t#

" !t%n(#!. By th# +%y' th ! ! th# #,,#(t th%t %))&+! 1#( &! t& +%) &n th# (# ) n1! &,

b- )" n1! -! n1 t ny h% $! &n th# !&)#! &, th# $ ,##t. 4H n"-' 200?5

At th# n%n& !(%)#' n#+' #7( t n1 %n" %)t&1#th#$ " ,,#$#nt $& #$t #! (&/# nt& (&nt#nt &n.

I, &n# +#$# t& !t%$t + th % 1$% n &, !-1%$' %n" (h& t - nt& #*#n !/%))#$ #(#! t&

! / )y #n" - + th % t ny 1$% n &, !-1%$' th%t +&-)" n&t b# !-$ $ ! n1 %t %)). H&+#*#$' ,

&n# ! %+%$# th%t %! %n &b3#(t 1#t! !/%))#$' th# $%t & b#t+##n t! !-$,%(# %$#% %n" t!

*&)-/# $ !#!' % n#+ * !t% +&-)" & #n - b#(%-!# &, th# ,%(t th%t th# %t&/! &n th# !-$,%(#

&, % /%t#$ %) %$# 1#n#$%))y /&$# $#%(t *# th%n th&!# %t t! (#nt$#. A! % $#!-)t' ( n1 !-1%$'

,&$ n!t%n(#' " !!&)*#! ,%$ /&$# $% ")y n +%t#$ th%n "! th# 1$%n-)%t#" ,&$/. S / )%$)y'

, % /#t%) ) # ! )*#$ ! t-$n#" nt& *#$y !/%)) %$t ()#!' t b#1 n! t& !h&+ %nt / ($&b %)

$& #$t #! th%t %$# n&t $#!#nt n th# b-) /%t#$ %). A (&/ %ny &*#$!#%! h%! %)$#%"y

b#1-n t& #7 )& t th ! h#n&/#n&n by /% n1 n%n& %$t ()#! &, (#$ -/ &7 "#' +h (h %$#

(h#/ (%))y $#%(t *# #n&-1h t& !#$*# %! % (%t%)y!t. A (&/ %ny n USA' h%! ($#%t#"

/#t%)) ( $-bb#$' +h (h ,)#7#! %n" !t$#t(h#! ) # $-bb#$' b-t (&n"-(t! #)#(t$ ( ty ) # %


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!&) " /#t%). G#n#$%) E)#(t$ ( ! t$y n1 t& /% # ,)#7 b)# (#$%/ (! %n" /%ny (&/ %n #! %$#

+&$ n1 &n /%t#$ %)! th%t (&-)" &n# "%y b# /%"# nt& !&)%$ (#))! n th# ,&$/ &, % nt. Th#

!t&$y &, th# $#!#%$(h#$ +&$ n1 n % %n +h& " !(&*#$#" th%t th#$# +%! % n#+ ,&$/ &,

(%$b&n th%t h%" #7t$%&$" n%$y $& #$t #! ! %)$#%"y +#)) n&+n. Th# !& (%))#" (%$b&n

n%n&t-b# ! ) # % t ny !h##t &, 1$% h t# $&))#" nt& % (y) n"#$' + th % " %/#t#$ &, %$&-n"

&n# n%n&/#t#$' %n" ! *#$y !t$&n1 %n" ) 1ht. It h%! b#(&/# th# !t%$ &, n%n&t#(hn&)&1y. A

h&!t &, -!#! th%t h%! ! n(# b##n $& &!#" n()-"# !#n!&$!' /&)#(-)%$ $&b#!' (&/ -t#$

/#/&$y' t#)#* ! &n!' b%tt#$ #! %n" ,-#) (#))!. &$ ! n $&1$#!! t& , n" % +%y &,

! nn n1 n%n&t-b#! nt& , b#$! t& /% # th# +&$)" ! t&-1h#!t &)y/#$. I, #*#n % !/%))

#$(#nt%1# &, th#!# #,,&$t!' n +h (h b )) &n! &, "&))%$! %$# b# n1 ! #nt' %(t-%))y !-((##"'

n#+ /%t#$ %)! +&-)" b#(&/# %*% )%b)#. At th%t !t%1#' /&!t /%t#$ %)! +# n&+ &, t&"%y

+&-)" t% # % b%( !#%t. In"##"' n%n&t#(hn&)&1y h%! !-(h t$#/#n"&-! &t#nt %) th%t /%ny

b#) #*# th%t t /%y t-$n &-t t& b# %! / &$t%nt %! #)#(t$ ( ty &$ )%!t (. Th# (&/,&$t n1

th&-1ht ! th%t th ! ! -n) #)y t& h% #n n th# n#7t t+& t& th$## "#(%"#! %t )#%!t' b#(%-!#

&, th# nh#$#nt )%1 b#t+##n th# "$#%/! &, /%t#$ %) !( #nt !t! %n" th# %*% )%b ) ty &, th#

, n%) $&"-(t &n % (&//#$( %) !(%)#.

A1% n' th# ,-t-$# &, !t##) )&& ! !%,# %n" !t##) + )) (&nt n-# t& b# +%y %h#%" &, th#

/#t%)! /%t#$ %)! %( n th# ,&$#!##%b)# ,-t-$#. 4H n"-' 200?5

.;.> R% " E ( &n&/ ( G$ &+ th

In" % ! $% " #(&n&/ ( 1$&+th ! b# n1 b- )t &n % ,$%/# &, !t##). S&%$ n1 "#/%n" by

!#(t&$! ) # n,$%!t$-(t-$#' $#%) #!t%t# %n" %-t&/&b )#!' %t h&/# %n" %b$&%"' h%! -t


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In" % ! !t##) n"-!t$y &n th# +&$)" /% . D&/ n%t n1 th# In" %n h&$ &n %$# !t##) 1 %nt!

) # T%t% St##)' +h (h h%! 3-!t -!h#" th$&-1h % US 8 b )) &n b-y&-t &, UK D-t(h !t##)

(&/ %ny C&$-!. M#%n+h )#' th# LN M tt%) &+n#" M tt%) St##) h%! %(6- $#" F$#n(h !t##)

(&/ %ny A$(#)&$ t& ($#%t# th# +&$)" ! n-/b#$ &n# !t##) (&/ %ny' A$(#)&$ M tt%) %n"

K&$#%n !t##) 1 %nt POSCO ! -/ n1 /&n#y nt& / n#! %n" !t##) )%nt! n O$ !!% t&

#/#$1# %! &n# &, th# b 11#!t !t##) )%nt! n th# !t%t#.

Th# Int#$n%t &n%) I$&n St##) In!t t-t# 4IISI5 n t! ,&$#(%!t ,&$ 200= h%! (&n, $/#" th#

t$#n" &, $#(#nt y#%$! &, %n n($#%!# n !t##) -!# n ) n# + th 1#n#$%) #(&n&/ ( 1$&+th' th#

,%!t#!t 1$&+th &((-$$ n1 n th# (&-nt$ #! + th th# h 1h#!t GDP 1$&+th !-(h %! In" % %n"

Ch n%. A %$#nt +&$)"+ "# !t##) "#/%n" ! ,&$#(%!t t& 1$&+ t& b#t+##n '0


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TABLE .

PRO DU CTIO N' CO NSU MPTIO N' E PORT AND IMPORT OF FI N I S HE DC A R B O N S TEEL AND PIG IRO N 4IN MILLIO N TO NN E S5 IN I ND I A

It#/ 200< 0? 200< 0? 200? 0=

4A $ ) O(t&b#$5

PRODUCTION

FINISHED CARBON STEEL

MAIN PRODUCERS ?.= 8.>8 @.0=

SECONDARY PRODUCERS 2


26/114

IMPORTS

FINISHED CARBON STEEL 2.2 . .>=

PIG IRON 0.008 N ) N )

APPARENT

CONSUMPTION

FINISHED CARBON STEEL ;


27/114

SAIL ! + "# $%n1# &, )&n1 %n" ,)%t !t##) $&"-(t! ! /-(h n "#/%n" n th# "&/#!t ( %!

+#)) %! th# nt#$n%t &n%) /%$ #t. SAIL ! &+n C#nt$%) M%$ #t n1 O$1%n !%t &n 4CMO5 %n"

th# Int#$n%t &n%) T$%"# D * ! &n (%$$y &-t th ! * t%) $#! &n! b ) ty. CMO #n(&/ %!!#! %

+ "# n#t+&$ &, ;8 b$%n(h &,, (#! %n" !t&( y%$"! )&(%t#" n /%3&$ ( t #! %n" t&+n!

th$&-1h&-t In" %.

th t#(hn (%) %n" /%n%1#$ %) #7 #$t !# %n" n&+ h&+ n !t##) /% n1 1% n#" &*#$ ,&-$

"#(%"#!' SAIL ! C&n!-)t%n(y D * ! &n 4SAILCON5 %t N#+ D#)h &,,#$! !#$* (#! %n"

(&n!-)t%n(y t& () #nt ! +&$)"+ "#.

SAIL h%! % +#)) #6- #" R#!#%$(h %n" D#*#)& /#nt C#nt$# ,&$ I$&n %n" St##) 4RDCIS5

%t R%n(h th%t h#) ! t& $&"-(# 6-%) ty !t##) %n" "#*#)& n#+ t#(hn&)&1 #! ,&$ th# !t##)

n"-!t$y. B#! "#!' SAIL h%! t! &+n n h&-!# C#nt$# ,&$ En1 n##$ n1 %n" T#(hn&)&1y

4CET5' M%n%1#/#nt T$% n n1 In!t t-t# 4MTI5 %n" S%,#ty O$1%n %t &n %t R%n(h . O-$

(% t *# / n#! %$# -n"#$ th# (&nt$&) &, th# R%+ M%t#$ %)! D * ! &n n C%)(-tt%. Th#

En* $&n/#nt M%n%1#/#nt D * ! &n %n" G$&+th D * ! &n &, SAIL & #$%t# ,$&/ th# $

h#%"6-%$t#$! n C%)(-tt%. A)/&!t %)) &-$ )%nt! %n" /%3&$ -n t! %$# ISO C#$t , #".

M%3&$ Un t! 4+++.!% ).(&. n5

.


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R&-$ #)% St##) P)%nt 4RSP5 n O$ !!%

B& %$& St##) P)%nt 4BSL5 n h%$ h%n"

IISCO St##) P)%nt 4ISP5 n #!t B#n1%)

.


29/114

B& %$& P&+#$ S- )y C&/ %ny P*t. L / t#"

Th ! ?0 ?0 3& nt *#nt-$# b#t+##n SAIL %n" th# D%/&"%$ V%))#y C&$ &$%t &n ,&$/#" n

%n-%$y 2002 ! /%n%1 n1 th# ;02 M &+#$ 1#n#$%t &n %n" 880 t&nn#! #$ h&-$

!t#%/ 1#n#$%t &n ,%( ) t #! %t B& %$& St##) P)%nt.

Bh )% E)#(t$ ( S- )y C&/ %ny P*t. L / t#"

An&th#$ SAIL NTPC 3& nt *#nt-$# &n ?0 ?0 b%! ! ,&$/#" n M%$(h 2002 /%n%1#! th# >' T%t% St##) ! A! % ! , $!t %n" In" % ! )%$1#!t $ *%t# !#(t&$ !t##

(&/ %ny. T%t% St##) ! %/&n1 th# )&+#!t (&!t $&"-(#$! &, !t##) n th# +&$)" %n" &n# &,

th# ,#+ !#)#(t !t##) (&/ %n #! n th# +&$)" th%t ! EVA 4E(&n&/ ( V%)-# A""#"5.


31/114

It! (% t *# $%+ /%t#$ %) $#!&-$(#! %n" th# !t%t# &, th# %$t ? MTPA 4/ )) &n t&nn# #$

%nn-/5 )%nt %t %/!h#" -$' n h%$ h%n" St%t#' In" % 1 *# t % (&/ #t t *# #"1#.

D#t#$/ n#" t& b# % /%3&$ 1)&b%) !t##) )%y#$' T%t% St##) h%! $#(#nt)y n()-"#" n t! ,&)"

N%tSt##)' A! % 42 MTPA5 %n" M ))#nn -/ St##) 4 .> MTPA5 ($#%t n1 % /%n-,%(t-$ n1

n#t+&$ n # 1ht /%$ #t! n S&-th E%!t A! % %n" P%( , ( $ / (&-nt$ #!. S&&n th#

%/!h#" -$ )%nt + )) #7 %n" t! (% %( ty ,$&/ ? MTPA t& > MTPA by 2008. Th#

C&/ %ny )%n! t& #nh%n(# t! (% %( ty' /%n ,&)" th$&-1h &$1%n ( 1$&+th %n"

n*#!t/#nt!. Th# C&/ %ny ! + $# /%n-,%(t-$ n1 -n t n S$ L%n % ! n&+n %! L%n %

S #( %) St##)' +h )# th# 3& nt *#nt-$# n Th% )%n" ,&$ ) /#!t&n# / n n1 ! n&+n %! S )%

E%!t#$n.

T%t% St##) ! $&"-(t! %$# t%$1#t#" %t th# 6-%) ty (&n!( &-! %-t& !#(t&$ %n" th# b-$1#&n n1

(&n!t$-(t &n n"-!t$y. th + $# /%n-,%(t-$ n1 ,%( ) t #! n In" %' S$ L%n % %n"

Th% )%n"' th# C&/ %ny )%n! t& #/#$1# %! % /%3&$ 1)&b%) )%y#$ n th# + $#

b-! n#!!.4+++.t%t%!t##).(&/5

.?. F-t-$ # P )%n !

St##) P)%nt P$&3#(t! In" %

Th# C&/ %ny h%! #/b%$ #" - &n !#tt n1 - th$## 1$##n , #)" !t##) )%nt! n #%!t#$n

In" %


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2 MTPA )%nt n h%$ h%n"

= MTPA )%nt n O$ !!%

? MTPA )%nt n Chh%tt !1%$h

%/!h#" -$ St##) &$ ! + )) b#(&/# % > MTPA -n t by 2008.

MTPA / )) &n t&nn#! #$ %nn-/

O*#$!#%!

I$%n

B%n1)%"#!h

.?.2 Oth # $ P$ & 3#( t!

In" %

.2 MTPA M#t(& # $&3#(t n #!t B#n1%)

D## !#% &$t n Dh%/$%' O$ !!%

T t%n -/ D &7 "# $&3#(t n T%/ ) N%"-

& nt V#nt-$# + th B)-#S(& # St##) ,&$ /#t%)) ( (&%t n1 %n" % nt n1 !t##) -n t

O*#$!#%!

D#*#)& /#nt &, % !&-$(# &, )&+ %!h (&%) ,$&/ -##n!)%n"' A-!t$%) %

F#$$& Ch$&/# $&"-(t &n n R (h%$"! B%y' S&-th A,$ (%


33/114

.?.; P$ &" - ( t!

T%t% St##) ! $&"-(t! n()-"# h&t %n" (&)" $&))#" (& )! %n" !h##t!' 1%)*%n #" !h##t!'

t-b#!' + $# $&"!' (&n!t$-(t &n $#b%$!' $ n1! %n" b#%$ n1!. In %n %tt#/ t t& "#(&//&" t !#

!t##)' th# (&/ %ny h%! nt$&"-(#" b$%n"! ) # T%t% St##) -/ 4th# +&$)" ! , $!t b$%n"#"

C&)" R&))#" St##)5' T%t% Sh% t## 4G%)*%n !#" C&$$-1%t#" Sh##t!5' T%t% T !(&n 4$# b%$!5'

T%t% B#%$ n1!' T%t% A1$ (& 4h%n" t&&)! %n" / )#/#nt!5' T%t% $&n 41%)*%n !#" + $#

$&"-(t!5' T%t% P #! 4 #! ,&$ (&n!t$-(t &n5 %n" T%t% St$-(t-$% 4(&nt#/ &$%$y

(&n!t$-(t &n /%t#$ %)5. Th# (&/ %ny h%! )%-n(h#" th# C-!t&/#$ V%)-# M%n%1#/#nt

n t %t *# + th th# &b3#(t *# &, ($#%t n1 (&/ )#t# -n"#$!t%n" n1 &, (-!t&/#$ $&b)#/!

%n" , n" n1 !&)-t &n! 3& nt)y. Th# (&/ %ny ! R#t% ) V%)-# M%n%1#/#nt %""$#!!#! th#

n##"! &, " !t$ b-t&$!' $#t% )#$! %n" #n" (&n!-/#$!. Th# (&/ %ny h%! %)!& )%-n(h#" In" % !

, $!t !t##) $#t% ) !t&$# !t##)3-n(t &n ,&$ /% n1 !t##) !h& n1 % h% y %n" /#/&$%b)#

#7 #$ #n(#.

.?.< C &// -n ty O-t$ #%( h %n" En * $ &n/# nt M %n %1#/# nt

h )# th# C&/ %ny ! ,&(-!#" n th# -$!- t &, t! & #$%t &n%) 1&%)!' t ! %)!& (&// tt#"

t& b# n1 % 1&&" (&$ &$%t# ( t #n. T%t% St##) #7t#n"! !- &$t t& th# #(&n&/ (%))y

-n"#$ $ * )#1#" n&t by (h%$ ty b-t by !t$#n1th#n n1 %n" #/ &+#$ n1 th#/ + th #7 #$t !#

%n" n&+)#"1#. It! (&//-n ty &-t$#%(h $&1$%// (&*#$! th# T%t% St##) /%n%1#" ( ty &,


34/114

%/!h#" -$ %n" &*#$ =00 * ))%1#! n %n" %$&-n" t! /%n-,%(t-$ n1 %n" $%+ /%t#$ %)!

& #$%t &n!. It! !t##) +&$ !' / n#! %n" (&)) #$ #! %n" ( * ( !#$* (#! n %/!h#" -$ %$# ISO


35/114


36/114

(&/ #t t *# " /#n! &n! th%t ,&$/ th# (&/ #t t *# &! t &n &, % (&/ %ny n()-"# th#

,&))&+ n1.

C&!t 9 M% # t (h#% J th n #*#$y n"-!t$y' th#$# ! -!-%))y % !#1/#nt &, th#

/%$ #t th%t b-y! !&)#)y &n th# b%! ! &, )&+ (&!t. T& !-((#!!,-))y (&/ #t# n th ! n (h#' %

, $/ /-!t b# th# )&+ (&!t $&"-(#$' b-t #*#n "& n1 th ! "! n&t %)+%y! 1-%$%nt##

$&, t%b ) ty %n" !-((#!!. 4H%$*%$" B-! n#!! R#* #+' @@=5

P$&"-(t 6-%) ty %n" $#) %b ) ty 9 M% # t 1&&"J. -%) ty (%n b# " * "#" nt&

t+& (%t#1&$ #! $&"-(t 6-%) ty %n" $&(#!! 6-%) ty. Th# )#*#) &, 6-%) ty n % $&"-(t !

"#! 1n + )) *%$y + th th# /%$ #t !#1/#nt %t +h (h t ! % /#". Ob* &-!)y' % (h )" ! , $!t

t+& +h##)#" b (y()# ! &, ! 1n , (%nt)y " ,,#$#nt 6-%) ty th%n th# b (y()# &, % +&$)" ()%!!

(y() !t. Th# 1&%) n #!t%b) !h n1 th# $& #$ )#*#) &, $&"-(t 6-%) ty ! t& ,&(-! &n th#

$#6- $#/#nt! &, th# (-!t&/#$. O*#$ "#! 1n#" $&"-(t! + th t&& /-(h 6-%) ty + )) b#

* #+#" %! $&h b t *#)y #7 #n! *#. Un"#$ "#! 1n#" $&"-(t!' &n th# &th#$ h%n"' + )) )&!#

(-!t&/#$! t& $&"-(t! th%t (&!t % ) tt)# /&$# b-t %$# #$(# *#" by th# (-!t&/#$! %!

&,,#$ n1 1$#%t#$ *%)-#. 4H%$*%$" B-! n#!! R#* #+' @@=5

P$&(#!! 6-%) ty ! ($ t (%) b#(%-!# t $#)%t#! " $#(t)y t& th# $#) %b ) ty &, th# $&"-(t.

R#1%$")#!! &, +h#th#$ th# $&"-(t ! % (h )" ! , $!t t+& +h##)#$ &$ % b (y()# ,&$ %n

nt#$n%t &n%) (y() !t' (-!t&/#$! +%nt $&"-(t! + th&-t "#,#(t!. Th-!' th# 1&%) &, $&(#!!

6-%) ty ! t& $&"-(# #$$&$ ,$## $&"-(t!.

D#) *#$y ! ##"X M% # t ,%!t.J In !&/# /%$ #t!' % (&/ %ny ! %b ) ty t& "#) *#$y /&$#

6- ( )y th%n t! (&/ #t t&$! /%y b# ($ t (%). S## n1 % n##" ,&$ ! ##"y' $#) %b)# &*#$n 1ht


37/114

"#) *#$y' FEDE b#(%/# % ? b )) &n (&/ %ny %n" th# +&$)" ! )%$1# #7 #" t#" "#) *#$y

!#$* (#. 4H%$*%$" B-! n#!! R#* #+' @@=5

D#) *#$y $#) %b ) tyX D#) *#$ t +h#n $&/ !#".J Th ! " /#n! &n $#)%t#! t& th# %b ) ty

&, th# , $/ t& !- )y th# $&"-(t &$ !#$* (# &n &$ b#,&$# % $&/ !#" "#) *#$y "-# "%t#.

F&$ %n %-t&/&b )# /%n-,%(t-$#$ t ! *#$y / &$t%nt th%t th# $ !- ) #$ &, t $#!

$&* "# th# n##"#" 6-%nt ty %n" ty #! ,&$ #%(h "%y ! (%$ $&"-(t &n.

C& n1 + th (h%n1#! n "#/%n" 9 Ch%n1# t! *&)-/#.J In /%ny /%$ #t!' %

(&/ %ny ! %b ) ty t& $#! &n" t& n($#%!#! %n" % "#($#%!# n "#/%n" ! %n / &$t%nt ,%(t&$

n t! %b ) ty t& (&/ #t#. It ! +#)) n&+n th%t % (&/ %ny + th n($#%! n1 "#/%n" (%n "&

) tt)# +$&n1. h#n "#/%n" ! !t$&n1 %n" n($#%! n1' (&!t! %$# (&nt n-&-!)y $#"-(#" "-#

t& #(&n&/ (! &, !(%)#' %n" n*#!t/#nt! n n#+ t#(hn&)&1 #! (%n b# #%! )y 3-!t , #". B-t

!(%) n1 b%( +h#n "#/%n" "#($#%!#! /%y $#6- $# /%ny " ,, (-)t "#( ! &n! $#)%t n1 t&

)%y n1 &,, #/ )&y##! %n" $#)%t#" $#"-(t &n! n %!!#t!. Th# %b ) ty t& #,,#(t *#)y "#%) + th

"yn%/ ( /%$ #t "#/%n" &*#$ th# )&%n t#$/ ! %n #!!#nt %) #)#/#nt &, & #$%t &n!

!t$%t#1 #!.

F)#7 b ) ty %n" n#+ $&"-(t nt$&"-(t &n ! ##"X Ch%n1# tJ. F)#7 b ) ty' ,$&/ %

!t$%t#1 ( #$! #(t *# $#,#$! t& th# %b ) ty &, % (&/ %ny t& &,,#$ % + "# *%$ #ty &, $&"-(t!

t& t! (-!t&/#$!. An / &$t%nt #)#/#nt &, th ! %b ) ty t& &,,#$ " ,,#$#nt $&"-(t! ! th#

t /# $#6- $#" ,&$ % (&/ %ny t& "#*#)& % n#+ $&"-(t %n" t& (&n*#$t t! $&(#!!#! t&

&,,#$ th# n#+ $&"-(t. 4H%$*%$" B-! n#!! R#* #+' @@=5


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A((&$" n1 t& % $# &$t -b) !h#" n T /#! &, In" % 4200>5 SAIL h%" $#(# *#" #7(#))#nt

$%t n1 ,&$ %(h #* n1 t%$1#t! !#t n th# MOU + th th# G&*#$n/#nt ,&$ th# y#%$ 200? 0=.

C&n! "#$ n1 th# !-!t% n#" 1$&+th "#/&n!t$%t#" by th# (&/ %ny "-$ n1 200= 0>' %

! / )%$ $%t n1 ! #7 #(t#" th ! y#%$ %! +#)). D-$ n1 200? 0=' +h )# /% nt% n n1 (% %( ty

-t ) !%t &n %t 0< ' th# (&/ %ny ,&(-!#" &n th# $&"-(t &n &, , n !h#" !t##)' )&+#$

#n#$1y (&n!-/ t &n %n" $#"-(t &n n (& # $%t#' n($#%!#" $&"-(t &n th$&-1h th#

(&nt n-&-! (%!t 4CC5 $&-t# %n" / $&*#" th# $&"-(t / 7 "-$ n1 200= 0>. 4S%$ %$' 200>5

2.; EFFECTI V E S TR A TEGIE S OF SA IL TO A TT A I N COMPETITI V E

ADVAN T A GE

R%+%t 4200>5 !t%t#! th%t "#! t# th# /%$ #t $#/% n#" b-&y%nt' th# $ ! n1 !t##) $&"-(t &n

+&$)"+ "# -t t$#/#n"&-! $#!!-$# &n %*% )%b ) ty &, #!!#nt %) n -t! ) # (& n1 (&%).

D#! t# ,%( n1 % !#*#$# (& n1 (&%) ($ ! ! "-$ n1 th# , $!t h%), &, 200= 0>' h&+#*#$' th#

SAIL )%nt! %(h #*#" %)) t /# b#!t #$,&$/%n(# by & t / ! n1 & #$%t &n! %n" )%y n1 %

th$-!t &n *%)-# %"" t &n n "&+n!t$#%/ -n t! !-(h %! $&"-(t &n &, , n !h#" !t##)' )%t#!'

$% )!' !t$-(t-$%) !t##)' #t(. %((&$" n1 t& R%+%t 4200>5' t&t%) , n !h#" !t##) $&"-(t &n +#nt

- by < )% h t&n#! t& % $#(&$" )#*#) &, @.28 / )) &n t&nn#! 4MT5' % 1$&+th &, ? &*#$ th#

$#* &-! y#%$. Th# $& &$t &n &, , n !h#" !t##) $&"-(t &n n t&t%) !t##) +#nt - t& 85 %)!& !t%t#! th%t th# ,&-$ /% n nt#1$%t#" !t##) )%nt! &, SAIL $&"-(#" %

$#(&$" >.?; MT &, !t##) th$&-1h th# (&n(%!t $&-t# "-$ n1 th# y#%$. Th ! +%! < h 1h#$

th%n th# CC $&"-(t &n &, th# $#* &-! y#%$. A! % $#!-)t' th# $& &$t &n &, BOF CC

$&"-(t &n +#nt - t& =< &, t&t%) ($-"# !t##) $&"-(t &n. In ,%(t' 200= 0> !%*# b#!t #*#$

%*#$%1# (% %( ty -t ) !%t &n &, (&nt n-&-! (%!t n1 ,%( ) t #! %t 2? . P$&"-(t &n &, *%)-#

%""#" t#/! ) # )%t#!' b%$! $&-n"! %n" $% )+%y $&"-(t! $#(&$"#" 1$&+th. P)%t#

$&"-(t &n %t 2. 2 MT +%! th# h 1h#!t #*#$' + th % 1$&+th &, ? Bh )% !t##) )%nt %)!&

$&"-(#" 8= /&$# th%n th# $

%(h #*#/#nt &, 200? 0=' (&nt$ b-t n1 !-b!t%nt %))y t& th# (&/ %ny ! (-/-)%t *#

$&"-(t &n #$,&$/%n(#. Th# t&t%) $&n &$# $#6- $#/#nt &, th# SAIL )%nt! +%! /#t ,$&/

(% t *# !&-$(#!. Th# (&/ %ny ! / n#! $&"-(#" @.8; MT &, $&n &$#' th# h 1h#!t #*#$'


40/114

"-$ n1 th# y#%$. Th# / n#! &, R%+ M%t#$ %)! D * ! &n n th# #%!t#$n %$t &, th# (&-nt$y

t&1#th#$ $&"-(#" n#%$)y ; MT &, $&n &$#' !h&+ n1 % 1$&+th &, %$&-n" .2 &*#$ th#

$#* &-! y#%$ %n" !#tt n1 % $#(&$". h )# %)) th# RMD / n#! $#1 !t#$#" b#!t #*#$ y#%$)y

&-t -t' B%$-!% I$&n M n# "#!#$*#! ! #( %) /#nt &n ,&$ !h&+ n1 h 1h#!t 1$&+th &, 5 th# ! #( %) th$-!t )% " by RMD "-$ n1 200= 0> &n 6-%) ty

#nh%n(#/#nt /#%!-$#! %n" (&!t $#"-(t &n $#!-)t#" n b#tt#$ $&"-(t * ty %n" #,,#(t *#

/ t 1%t &n &, th# (&/ %ny ! *%$ %b)# n -t (&!t!. A/&n1 th# *%$ &-! !t# ! t% #n by RMD

t& #nh%n(# #,, ( #n(y +#$# b#tt#$ / n# )%nn n1' "#*#)& /#nt &, / n#! n n#+ %$#%!'

/ $&*#" $&(#!! n1 ,%( ) t #!' %n" $# )%(#/#nt &, &)" h#%*y #%$th/&* n1 /%(h n#$y

+ th n#+ #6- /#nt. A"& t &n &, *%$ &-! (&!t (-tt n1 /#%!-$#! )#" t& !-b!t%nt %)

!%* n1!. D-$ n1 200= 0>' SAIL b#(%/# th# , $!t n"-!t$ %) #nt#$ $ !# n th# (&-nt$y t&

+h##) !-$ )-! &+#$ ,$&/ &n# &, t! (% t *# -n t! t& %n&th#$ th$&-1h th# n%t &n%) 1$ ".

G#n#$%t &n &, &+#$ by th# (% t *# &+#$ -n t! %t ?2? M +%! %)!& th# h 1h#!t #*#$'

!h&+ n1 % 1$&+th &, = &*#$ 200? 0=. 4Z-b) n' 200>5

2.;. T #( hn & #( &n&/ ( %$%/ # t# $ !

Sh#$yn 4200>5 !t%t#! th# ,&))&+ n1 t#(hn& #(&n&/ ( %$%/#t#$!

C& # $%t# L&+#!t #*#$ $%t# &, ?;= 1 t&nn# &, h&t /#t%) +%! %(h #*#" "-$ n1 th# y#%$'

%n / $&*#/#nt &, &*#$ 200? 0=.


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R#,$%(t&$y (&n!-/ t &n At =.> 1 t&nn# &, ($-"# !t##)' +%! )&+#!t #*#$' @ )&+#$

th%n th# (&n!-/ t &n n 200? 0=' "-# t& ! 1n , (%nt n($#%!# n BOF ) n n1 %n" )%")# ) ,#

%t %)) th# )%nt!.

En#$1y (&n!-/ t &n Th# SAIL )%nt! t&1#th#$ (&n!-/#" &n)y >.28 1 1% (%)&$ #! #$

t&nn# &, ($-"# !t##) &n %n %*#$%1#' +h (h +%! 2 )&+#$ th%n th# $#* &-! y#%$' n ! t#

&, th# n($#%!# n $&"-(t &n &, *%)-# %""#" !t##) +h (h (&n!-/#! h 1h#$ #n#$1y.

4Sh#$yn' 200>5

2.;.2 C &! t E ,,#( t *# n #!!

K / 4200=5 +$ t#! n E(&n&/ ( T /#! th%t th# th$-!t &n / $&* n1 #,, ( #n(y &, (&!t

/%n%1#/#nt )%-n(h#" by SAIL "-$ n1 th# "&+nt-$n n th# !t##) !#(t&$ (&nt n-#" "-$ n1

th# y#%$ 200?. N#+ !(h#/#! +#$# "#nt , #" %n" #7 !t n1 !(h#/#! $#* #+#" %n" $#* !#"

t& &,,!#t th# / %(t &, th# !h%$ $ !# n n -t $ (#!' %$t (-)%$)y n th# (%!# &, (& n1

(&%)' F#$$& %))&y!' #t(.' "-$ n1 th# y#%$' $#!-)t n1 n !%* n1! &, %b&-t R!. ;0 ($&$#.

SAIL ! (&!t /%n%1#/#nt #n"#%*&-$! &n(# %1% n $#(# *#" $#(&1n t &n %t th# n%t &n%)

)#*#). Th# In!t t-t# &, C&!t &$ ! A((&-nt%nt! &, In" % %"3-"1#" SAIL %! b# n1 th#

!#(&n" b#!t (&/ %ny n th# -b) ( !#(t&$ n In" % "-$ n1 200? n th ! %$%/#t#$ %n"

$#!#nt#" th# (&/ %ny t! N%t &n%) A+%$" ,&$ E7(#))#n(# n C&!t M%n%1#/#nt. SAIL


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h%" $#(# *#" th# + nn#$ ! t$& hy )%!t y#%$ ,&$ #7(#))#n(# n (&!t $#"-(t &n "-$ n1 2008 /#t#$!. 4K /'

200=5

A((&$" n1 t& K / 4200=5 % th$-!t +%! 1 *#n &n !- )y n1 !t##) &n $ &$ ty t& -!#$

!#1/#nt! &, n%t &n%) / &$t%n(# !-(h %! 1&*#$n/#nt' PSU! 4 -b) ( !#(t&$ -n"#$t% n1!5

%n" !t%t# !/%)) !(%)# n"-!t$y (&$ &$%t &n! 4SSIC!5. A! % $#!-)t' th#$# +%! % 2? n($#%!#

n !- ) #! &, SAIL !t##) t& th# 1&*#$n/#nt !#(t&$ %n" =? t& SSIC!. A)&n1 + th


43/114

h 1h#$ !- ) #! t& $&3#(t!' SAIL +%! %b)# t& h # !- ) #! t& (&n!-/#$! by > "-$ n1

th# y#%$ &n %n &*#$%)) b%! !. D-$ n1 th# y#%$' %)) th# b$%n(h#!' !t&( y%$"! %n" &,, (#! &,

CMO +#$# ) n #" t& % (#nt$%) !#" "%t%b%!#. Th ! h#) #" n &n) n# %*% )%b ) ty &, "%t%

(&n! !t#nt "%t% nt#1$ ty %n" !#%/)#!! n,&$/%t &n ,)&+ %($&!! %)) % ) (%t &n!' )#%" n1 t&

n($#%!#" #,, ( #n(y n !#$* n1 (-!t&/#$!. 4K /' 200=5

2.;.< H- / %n R #!&- $ (# M %n %1#/# nt

M&h%n D%! 4200=5 !t%t#! n B-! n#!! E(&n&/y th%t %$&-n" '000' !h&+ n1 % $#"-(t &n &, %b&-t .

A/&n1 th# n t %t *#! t% #n n th ! $#1%$" +#$# %y/#nt &, +%1# !%)%$y %$$#%$! ,&$ th#

#$ &" . . @@> 9 ; . 2.2000' $#!t&$%t &n &, #%$n#" )#%*# #n(%!h/#nt' #nh%n(#/#nt n

(&n*#y%n(# #7 #n!#!' / n n1 %))&+%n(#' $# /b-$!#/#nt &, n 1ht !h ,t #7 #n!#!'

#nh%n(#" n(#nt *# %y/#nt!' #t(. A $&)) n1 t$& hy +%! nt$&"-(#" t& #n(&-$%1#

/%n%1#/#nt #7(#))#n(# %/&n1!t y&-n1 /%n%1#$! &, th# (&/ %ny. A t#%/ ,$&/ Bh )%


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St##) P)%nt ) ,t#" th# n%-1-$%) Ch% $/%n ! T$& hy ,&$ Y&-n1 M%n%1#$! ,&$ th# y#%$ 200 #/ )&y##! 4? ,$&/ BSP %n" 2 ,$&/ VISL5 + )) $#(# *# th# Sh$#/ Sh$ t t)#

)%t#$ th ! y#%$. 4D%!' 200=5

2.;.? R #!# %$ ( h D#*#) & / # nt

D%n #) 4200?5 #)%b&$%t#! th# "#*#)& /#nt /#%!-$#! %t SAIL %((&$" n1 t& D%n #) 4200?5

R D $&3#(t! %t SAIL ,&(-! &n $&(#!! / $&*#/#nt' (&!t (&/ #t t *#n#!!' $&"-(t

6-%) ty' $&"-(t "#*#)& /#nt %n" b%! ( $#!#%$(h ,&$ / $&*#/#nt n t#(hn& #(&n&/ (

%$%/#t#$! t& n($#%!# (% %( ty -t ) %t &n. M%3&$ n t %t *#! % /#" %t (

(&/ #t t *#n#!! n()-"#"

I/ $&*#/#nt n ) n n1 ) ,# &, (&n*#$t#$ t& 2'000 h#%t! n SMS II %t RSP n()-" n1

!t##) )%")#! %t RSP BSP by t#(hn&)&1 (%) n t %t *#!

R% ! n1 $&"-(t * ty &, DSP S nt#$ P)%nt t& .;= t&nn#! / h$ 4 #% .= t&nn#!5

In($#%!# n BF $&"-(t * ty %t RSP by $&(#!! (h%n1#! n ,-$n%(# +&$ n1 ,$&/

#$ h#$%) +&$ n1' $#*#$!%) &,, BLT /%t$ 7 %n" &th#$ (h%n1#! n (h%$1 n1 !y!t#/.

T#(hn&)&1 (%) n t %t *#! ) # h&t (h%$1 n1 &, +h##)!' /&" , (%t &n &, n1&t "#! 1n'

#t(.' h#) #" n $#(&$" $&"-(t &n &, +h##)! #7()#! %t DSP


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R#"-(t &n n HSM $&)) ! %)) n1 %t BSL

M#%!-$#! t& &bt% n n($#%!#" (%/ % 1n )#n1th %n" $#"-(#" $&)) (&n!-/ t &n %t BSL.

In!t%))%t &n &, %-t&/%t &n &, h&t !%+! n BSP ! R% ) St$-(t-$%) M )).

P$&"-(t "#*#)& /#nt #,,&$t! by RDCIS n()-"#" th# ,&))&+ n1

SAIL HITEN =@0 AR 1$%"# )%t#! %t BSP

S $ n1 !t##) %t DSP

H 1h !t$#n1th (&)" $&))#" !t##) 4HSCR ;?5 %t BSL.

St##) n& !# b%$$ #$! ,&$ $&%"! h 1h+%y!

DMR 2 %""#" ,-$th#$ !-b!t%n(# t& th# (&/ %ny ! #,,&$t! n th ! " $#(t &n. SAIL %t

" ,,#$#nt )%nt -n t / n# )&(%t &n! h%! )%nt#" %$&-n" ; / )) &n t$##! !& ,%$. Th# SAIL

)%nt! -n t! /% nt% n#" th# $ th$-!t &n (&nt$&)) n1 &))-t &n "-$ n1 th# y#%$. S&/# &,

th#/ #*#n $#(# *#" %+%$"! ,&$ #7(#))#n(# n &))-t &n (&nt$&) /#%!-$#!. Th#y %$#

G&)" %+%$" n /#t%) !#(t&$ ,&$ &-t!t%n" n1 %(h #*#/#nt n #n* $&n/#nt /%n%1#/#nt

,&$ 200; 0< by G$##nt#(h F&-n"%t &n N#+ D#)h t& BSP %n" RSP


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In" $% G%n"h M#/&$ %) N%t &n%) A+%$" 200< ,&$ E7(#))#nt P&))-t &n C&nt$&)

I/ )#/#nt%t &n G&)" A+%$" by Int#$n%t &n%) G$##n)%n" S&( #ty 4IGS5 Hy"#$%b%" t&

BSP %n" RSP

In" $% G%n"h M#/&$ %) N%t &n%) A+%$" ,&$ E7(#))#nt En* $&n/#nt %n" E(&)&1 (%)

I/ )#/#nt%t &n G&)" A+%$" by IGS t& B%$!-% I$&n M n#. 4SAIL' 200>5

2.;.> P-b ) ( R #) %t &n !

A((&$" n1 t& Ann-%) R# &$t &, SAIL -b) !h#" n M%$(h 200>' t& $# n,&$(# #/ )&y##

/&$%)#' nt#$n%) (&//-n (%t &n %(t * t #! +#$# ,-$th#$ !t$#n1th#n#". A )%nn#" % $&%(h

y #)"#" #7(#))#nt $#!-)t!' + th % $#( %t *# ,##"b%( ,$&/ #/ )&y##! %t %)) )#*#)! &n th#

n t %t *#! t% #n %n" th#/#! !#)#(t#" t& /&t *%t#' n,&$/ %n" n!t )) $ "# n th#

+&$ ,&$(#. "# %n" ,&(-!#" (&//-n (%t &n th$&-1h b&th $ nt %n" #)#(t$&n ( /#" %

!t$#n1th#n#" th# /%1# &, th# &$1%n %t &n %/&n1!t th# (&/ %ny ! !t% #h&)"#$! %n"

1#n#$%) -b) (. R#* *%) &, th# t#)#* ! &n %" (%/ % 1n Th#$# ! % ) tt)# b t &, SAIL n

#*#$yb&"y ! ) ,# n th# )%t#$ %$t &, th# y#%$' $# #n,&$(#" th# (&/ %ny ! /%1# %! th#

n"-!t$y )#%"#$ n * #+#$ ! / n"! "-# t& t! #7(#))#nt $#(%)) *%)-#. Oth#$ (%/ % 1n! !-(h

%! th# &n# h 1h) 1ht n1 SAIL ! t-$n%$&-n" %! th# /&!t / $#!! *# n In" %n n"-!t$y'

St##) G$##n %n" St##) n N##"' SAIL n D##" +#$# +#)) $#(# *#" by th# t%$1#t %-" #n(#!.

A $%" & 3 n1)# n H n" ' S%,#ty n !# ,)y&*#$...' %)!& 1#n#$%t#" & -)%$ $#! &n!#. 4SAIL'

200>5


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2.;.8 C &! t ( &/ # t t *# n #!!

A((&$" n1 t& Ann-%) R# &$t &, SAIL -b) !h#" n M%$(h 200>' th# ,&))&+ n1 (&!t

$#"-(t &n /#%!-$#! %$# %"& t#" n SAIL t& 1% n (&/ #t t *# %"*%nt%1#

4%5 R#"-(t &n n , 7#" (&!t th$&-1h *&)-/# 1$&+th' $#"-(t &n n /%n &+#$ (&!t %n"

, n%n( %) (h%$1#!

4b5 R#"-(t &n n *%$ %b)# (&!t th$&-1h t#(hn&)&1 (%) nt#$*#nt &n! ) # #) / n%t &n &

n1&t !t##) $&-t#' 00 B%! ( O7y1#n F-$n%(# %n" C&nt n-&-! C%!t n1' (& # $%t#

$#"-(t &n * % CDI %-7 ) %$y ,-#) n3#(t &n' %n" h 1h#$ )#*#)! &, $&(#!! (&nt$&)

(&/ -t#$ %t &n %-t&/%t &n' )#%" n1 t& #nh%n(#/#nt &, & #$%t n1 #,, ( #n(y %n"

4(5 By b-! n#!! $&(#!! / $&*#/#nt! !-(h %! !t$#%/) n n1 &, !- ) #! &, #y n -t! &,

!t##) /% n1 th$&-1h h 1h#$ -t ) %t &n &, # (&//#$(#' (#nt$%) #" $&(-$#/#nt ,&$ !#)#(t

t#/!' #t(. 4SAIL' 200>5

2.;.@ -%) ty ( &/ # t t *# n #!!

SAIL %)!& #/ h%! # &n t#(hn&)&1y n -t 6-%) ty / $&*#/#nt %($&!! *%)-# (h% n

th$-!t &n ! #( %) 6-%) ty !t##) %n" n#+ $&"-(t! / $&*#/#nt n $&(#!! (&n! !t#n(y %n"

/#t%) t$#%t/#nt %"*%n(#" &n) n# t#!t n1 %n" 6-%) ty (&nt$&) ,%( ) t #!

!t%n"%$" %t &n %-t&/%t &n $&(#!! (&nt$&) IT. C&$ &$%t# P)%n 20 2 h%! (&n! "#$#" th

/%$ #t 1$&+th $&3#(t &n! %!!-/ n1 &*#$%)) !t##) (&n!-/ t &n %t %b&-t 8 #$ %nn-/.

H&+#*#$' th# 1$&+th t$#n"! %n" /%($& #(&n&/ ( n" (%t&$! (&-)" )#%" t& h 1h#$ 1$&+th

&t#nt %). Th#$#,&$#' "# #n" n1 &n th# /%$ #t 1$&+th' !t$%t#1 #! &, (&/ #t t&$!' 1)&b%)

#(&n&/ ( !(#n%$ &' 1&*#$n/#nt &) ( #! %n" $#!&-$(# %*% )%b ) ty' SAIL ! )%n! /%y b#


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$#* !#" ,$&/ t /# t& t /#' %n" ,-$th#$ 1$&+th n t#$/! &, *&)-/#' $&"-(t!' #t(.' /%y b#

% /#" th$&-1h G$##n, #)" n*#!t/#nt!' %(6- ! t &n! /#$1#$! #t(. Th# (-$$#nt )%n

$&* "#! th# b$&%" " $#(t &n ,&$ SAIL t& /&*# ,&$+%$" %n" +&-)" b# $#* #+#"

#$ &" (%))y. 4SAIL' 200>5

2.< M A RKETI N G S TR A TEGIE S OF SA IL

S nh% 4200>5 (%t#1&$ (%))y !t%t#! th# () n (%) /%$ #t n1 !t$%t#1 #! %"& t#" by SAIL'

%((&$" n1 t& S nh% 4200>5' th# St##) b# n1 %n n"-!t$ %) (&//&" ty t ! *#$y n#(#!!%$y t&

/% nt% n (-!t&/#$ $#)%t &n!h ,&$ $&, t%b ) ty %n" !/&&th $-nn n1 &, (&/ %ny. SAIL

%"& t! ,&))&+ n1 $%(t (#! ,&$ (-!t&/#$ !%t !,%(t &n.

P$&(#"-$# $&(#!! %"% t#" t& %((#!! (-$$#nt ,-t-$# #7 #(t%t &n &, (-!t&/#$!.

It n"-(#! /%$ #t $#!#%$(h * ! t n1 (-!t&/#$ $#/ !#! %tt#n" n1 t& (-!t&/#$

(&/ )% nt!.

CMO h%! M%$ #t M%n%1#/#nt G$&- +h#$# ! #( %) !t! /&n t&$ (h%n1 n1

"#/%n" %tt#$n %n" "#*#)& /#nt n #%(h M%$ #t !#1/#nt ! (%$$ #" &n.


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It h%! &!t#" /%$ #t "#*#)& /#nt &,, (#$! %t *%$ &-! )&(%t &n! th%t %$# t! #y#! %n"

#%$! ,&$ /&n t&$ n1 (-$$#nt %n" ,-t-$# #7 #(t%t &n &, t! (-!t&/#$.

Th# B-! n#!! )%nn n1 "# %$t/#nt ! #7()-! *#)y /#%nt t& !t-"y (-!t&/#$ !

(h%n1 n1 "#/%n" !(#n%$ & %n" %!!#!! (-$$#nt %n" ,-t-$# #7 #(t%t &n.

T& -n"#$!t%n" (-!t&/#$ n##"! SAIL %)!& &$1%n #! +&$ !h& ! %n" !#/ n%$!.

B- )" n1 C-!t&/#$ R#)%t &n!h SAIL h%! %"& t#" th# h )&!& hy &, $#(&1n n1

!#1/#nt &, th# /%$ #t %n" "#nt ,y n1 #y (-!t&/#$ n !#1/#nt %n" 1 * n1 th#/

$#,#$#nt %) t$#%t/#nt. CMO !%)#! #7#(-t *#! h%*# b##n t$% n#" t& -!# " $#(t !#)) n1 %!

t&&) ,&$ b- )" n1 )&n1 )%!t n1 $#)%t &n!h + th th# (-!t&/#$!. E%!y %((#!! t& (-!t&/#$! t&

!## %!! !t%n(# /% #! $& &!%)! !#n" (&//#nt! %n" (&/ ) /#nt!. 4S nh%' 200>5

2.


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51/114

O t / n1 th# $&"-(t / 7 by $& #$ -t ) %t &n &, %*% )%b)# !t&( !.

R#(# * n1 En6- $ #! %n" (&/ )% nt!' (%n(#))%t &n &, &$"#$! #t(.

C&&$" n%t n1 th# +&$ ! &, / ))! %n" t$%,, ( "# %$t/#nt !& %! t& /%7 / # " ! %t(h#!.

C& &$" n%t &n! + th CMO ,$&/ !t%1#! &, #n6- $y' ,&$ #7 &$t!' "#*#)& /#nt &, n#+

P$&, )#!' !#(t &n!' /&" , (%t &n &, $&"-(t !(h#"-) n1 t )) th# &$"#$! %$# (&/ )#t#".

D#*#)& /#nt &, n#+ 6-%) t #! &, !t##).

P#$ &" (%) /%$ #t !-$*#y! &, $&"-(t! t& %n%)y # th# /%$ #t &! t &n.

I/ )#/#nt%t &n &, !-11#!t &n! $#(# *#" ,$&/ th# (-!t&/#$! ,##" b&( .

En!-$# (-!t&/#$ !%t !,%(t &n by /##t n1 (-!t&/#$! $#1-)%$)y $&* "# $#"$#!!%) t&

th# $ $&b)#/! %n" ,-), ))/#nt &, "#/%n". 4D#!&- %' 200>5

2.? ANA L YS I S OF S TEEL A CRO SS THE GLO B E

Th# "#() n n1 $ (# t$#n" %,t#$ %n -n $#(#"#nt#" $ !# n &, 200> h%! t% #n !h##n &,,

th# 1)&b%) !t##) /%$ #t. H&+#*#$' th#$# ! % + "#! $#%" #$(# t &n th%t n th# &!t 2 &,

th# (-$$#nt y#%$ th# 1)&b%) $ (# %$# b&-n" t& 1& - . On)y th ! t /# th# $ !# +&-)" b#

,)%tt#n#" %n" n&t %bn&$/%). Th# "&/#!t ( "#/%n" n E-$& # ! !t##) )&+ + th n"-!t$ #!

$&"-(t &n !h&+ n1 % "&+n+%$" t$#n" ,&$( n1 th# /%3&$ !t##) $&"-(#$ t& (%)) b%( th#

$ (# h # %nn&-n(#" #%$) #$. Th# &!t &n#/#nt &, -$(h%!# by th# b-y#$! ! ) #)y t&

$#!-)t n $-nn n1 "&+n th# (-$$#nt n*#nt&$ #!. D%t% $#)#%!#" $#(#nt)y n" (%t# th%t EU

h%! / &$t#" % t&t%) &, 22.8 / )) &n t&n#! n()-" n1 !#/ ! +h (h h%*# 1&n# - by 8


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#$(#nt n 200=.Th# / &$t &, CR (& ) %n" (&%t#" (& )! +#$# %)!& h 1h#$ th%n )%!t y#%$

EU #7 &$t! t&t%)#" 2


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250

200

150

100

50

T AB LE 2.2

P$ & "- ( t & n O , S t##) n 200? %n" 200< 4 %n 9 M%$ ( h 5 % ( $ &!! th# G )& b #

300

EU 2?&th#$#-$& # ( !n&$th%/#$ (% !&-th%/#$ (% %,$ (% / "")# #%!t %! % &(#%n %

0 $&"-(t &n n 3%n

/%$(h

$&"-(t &n n 3%n/%$(h

[B-! n#!! T&"%y' 200>' 0@ S# t#/b#$ !!-#' 2@\


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T AB LE 2.;

G$ &+ th # $ (# nt%1# &, S t##) % ( $ &!! th # G )&b #

% growthEU 25 -0.3other europe -1.cis -0.2north a!erica 0.3south a!erica 0.3a"rica 10.# !iddle east $.%

30EU 25

asia&oceania 1.' 23.# other europechina 23.# 25 cisworld .5 20 north a!eric

15

10.# $.105

0.3 0.30

1.'

.5

south a!eric

a"rica

!iddle east asia&oceania

-5 -0.3 -1.

-0.2 % growth china

world

4B-! n#!! T&"%y' 200>' 0@ S# t#/b#$ !!-#' 2@5

F)%t $ (# h%*# ,%))#n n N&$th A/#$ (%n /%$ #t by >0 80 #$ t&n n th# )%!t t+& /&nth.

Th# (-$$#nt HR (& ) $ (# by US / ))! ! #11#" %t = ? ,&b t + th CR $ (# %t =@? #$

t&n. C&/ %$#" t& ,)%t $&"-(#$ th# )&n1 $&"-(t /%$ #t ! $#)%t *#)y !t%b)# %n" th#$# ! n&

"#() n# n th# $ (# &, !t$-(t-$%) /&$# "-# t& ,%)) n / &$t *&)-/#!. Ch n% h%! %)!&

$#/&*# % ; #$(#nt $#b%t# &n !t##) b ))#t %n" !)%b #7 &$t#$ + th #,,#(t ,$&/ !t A $ )


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200? t& #nh%n(# "&/#!t ( %*% )%b ) ty th ! h%! )#" t& $ (# ,%)) n A $ ). Th# #7 &$t $#b%t#

&n b%$! %n" $&"! h%! b##n $#"-(#" ,$&/ ; t& 0 #$(#nt ,$&/ !t M%y. In" %n )&n1

$&"-(t /%$ #t ! )%$1#)y n,)-#n(#" by 1)&b%) $ (# &, !#/ !. Th# CIS $ (# &, b ))#t! !

(-$$#nt)y $-nn n1 %t ;>01&b t +h (h ! n#%$)y %t th# !%/# )#*#) %! n M%$(h. Th#$# %$#

$# &$t! th%t R-!! %n !t##) $&"-(#$ %$# #7 #n" n1 % /%3&$ (h-n &, th# #6- ty

%$t ( %t &n n / ))! n &th#$ (&-nt$ #! %! % )&n1 t#$/ t$%" n1 *#nt-$#!. C$-"# !t##)

$&"-(t &n , 1-$# ,&$ 2008 $#)#%!#" by HIS #7h b t! % 1$&+th &, =.? #$(#nt n th# , $!t

th$## /&nth &*#$ th# (&$$#! &n" n1 #$ &" n $#* &-! y#%$. Ch n% $#/% n! th# )#%" n1

!t##) $&"-(#$ + th 1$&+th t&-(h n1 2< #$(#nt. 4B-! n#!! T&"%y' 200>5

2.?. D# /%n" ,&$ S t##)

R%/%!+%/y 4200=5 +$ t#! n h ! b&& &n G)&b%) E(&n&/y th%t' St##) B# n1 * t%) ,&$

n"-!t$ %) "#*#)& /#nt "#*#)& n1 (&-nt$ #! h%*# 1$#%t "#/%n" ,&$ !t##). h#$#%!

"#*#)& n1 (&-nt$ #! h%*# >0 #$(#nt &, +&$)" ! & -)%t &n' ;0 #$(#nt &, +&$)" ! $&n

&$# "# &! t!' th#y $&"-(# &n)y > #$(#nt &, +&$)" ! !t##). In th# (%!# &, In" % +h#$#%!

!h# h%! ? #$(#nt &, +&$)" ! & -)%t &n' !h# $&"-(#! &n)y .? t& 2 #$(#nt &, +&$)" !

!t##) #*#n %,t#$ !#tt n1 - ,&-$ n#+ !t##) )%nt! 4th# , ,th )%nt' th%t !' V %1 St##) )%nt

! y#t t& 1& nt& $&"-(t &n5. In" % ! &! t &n $#1%$" n1 ,&$# 1n "# #n"#n(# ,&$ t!

n"-!t$ %) 1$&+th b#,&$# th# #!t%b) !h/#nt ,&$ t! !t##) )%nt!' th#$#,&$#' (%n b# +#))

* !-%) #". Th#$# +%! % ! -$t n th# (&n!-/ t &n &, !t##) "-$ n1 th# , $!t F *# y#%$ P)%n.

A,t#$ % ,%)) "-$ n1 th# n#7t th$## y#%$!' th# (&n!-/ t &n $&!# %1% n b-t by *%$y n1


56/114


57/114

&+#$ " !t$ b-t &n n#t+&$ !. F&$1 n1! %n" (%!t n1! %$# $#6- $#" ,&$ %1$ (-)t-$#

/ )#/#nt!' /%(h n# t&&)!' n"-!t$ %) /%(h n#$y %n" "#,#n!#. V%$ &-! ty #! &, !h##t! %$#

$#6- $#" by %-t&/&b )#!' !h b- )" n1' (y()#' ,-$n t-$# %n" %( %1 n1 n"-!t$ #!.

T AB LE 2..>

8. P$&(#!! n1 L&!! 0.?


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FIG U RE 2.

S#( t&$ + !# C&n ! -/ t &n &, S t##) n In" %

(&n!-/ t &n &, !t##)

(&n!t$-(t &n !#(t&$

t$%n! &$t

>.>0 0.?0

>.?0


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St##) + )) (&nt n-# t& h%*# % !t$&n1h&)" n t$%" t &n%) !#(t&$! !-(h %! (&n!t$-(t &n'

h&-! n1' 1$&-n" t$%n! &$t%t &n ! #( %) !t##)! + )) b# n($#%! n1)y -!#" n h t#(h

#n1 n##$ n1 n"-!t$ #! !-(h %! &+#$ 1#n#$%t &n' #t$&(h#/ (%)!' ,#$t ) #$! #t(. A! th#

#y %tt$ b-t#! " !(-!!#" %b&*# %$# *#$y /-(h n ,%*&$ &, !t##) n"-!t$y. M%$ #t n1 ! &n#

&, th# /&!t "yn%/ ( , #)"! n %ny b-! n#!! %)&n1 + th , n%n(#' $&"-(t &n %n" & #$%t &n!'

H-/%n $#!&-$(# /%n%1#/#nt %n" !y!t#/!. It! &$ #nt%t &n n##"! t& b# h%n")#" (%$#,-))y

%! t ! &n)y th$&-1h nt#1$%t &n &, /%$ #t n1 + th &th#$ , #)"! th%t /% #! %n &$1%n %t &n

!-((#!!,-) &$ ,%(# th# &""!. In" %n !t##) n"-!t$y ! %)!& (&n(#nt$%t n1 &n t! /%$ #t n1

%(t * t #!.


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CH A PTER ; RE S E A RCH METHODOLOGY

;. I N TRO DU CTIO N

Th# $#!#nt (h% t#$ "#!($ b#! th# $#!#%$(h /#th&"&)&1y' +h (h +%! % ) #" ,&$

(&n"-(t n1 th ! $#!#%$(h. Th# *%$ &-! %! #(t! &, th# $#!#%$(h /#th&"&)&1y +#$#

"#!($ b#" nt& th# *%$ &-! ! #( , #" !#(t &n! +h (h %$# "#! 1n &, th# $#!#%$(h' "%t%

(&))#(t &n %n" "%t% %n%)y! !.

R#!#%$(h /#th&"&)&1y ! % +%y t& !y!t#/%t (%))y !&)*# th# $#!#%$(h $&b)#/!. It /%y b#

-n"#$!t&&" %! % !( #n(# &, !t-"y n1 h&+ $#!#%$(h ! "&n# !( #nt , (%))y. In t +# !t-"y th#

*%$ &-! !t# ! th%t %$#% 1#n#$%))y %"& t#" by % $#!#%$(h#$ n !t-"y n1 h ! $#!#%$(h $&b)#/

%)&n1 + th th# )&1 ( b#h n" th#/. It ! n#(#!!%$y ,&$ th# $#!#%$(h#$ t& n&+ n&t &n)y th#

$#!#%$(h /#th&"! t#(hn 6-#! b-t %)!& th# /#th&"&)&1y. R#!#%$(h#$! n&t &n)y n##" t&

n&+ h&+ t& "#*#)& (#$t% n n" (#! %n" t#!t!' h&+ t& (%)(-)%t# th# /#%n' th# /&"#' th#

/#" %n &$ th# !t%n"%$" "#* %t &n &$ th# (h !6-%$#' h&+ t& % )y %$t (-)%$ $#!#%$(h

t#(hn 6-#!' b-t th#y %)!& n##" t& n&+' +h (h &, th#!# /#th&"! &$ t#(hn 6-#!' %$#

$#)#*%nt %n" +h (h %$# n&t' %n" +h%t +&-)" th#y /#%n %n" n" (%t# %n" +hy.

A $#!#%$(h h%! b##n (%$$ #" &-t +h (h ! b&th 6-%) t%t *# %n" 6-%nt t%t *# n t! !- &$t.

Th# 6-%) t%t *# % $&%(h % ) #! t& b&th' "#!($ t *# %n" n"-(t *# ,&$/! &, $#!#%$(h.

h )# %! n (%!# &, 6-%nt t%t *# % $&%(h' %n #7t#n! *# -!# h%! b##n /%"# &, th#


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) t#$%t-$# %*% )%b)# t& (%$$y &-t % "#t% ) $#!#%$(h &n th# n%t-$# &, th# $&b)#/. SAIL

TATA St##) h%*# b##n (h&!#n %! th# t%$1#t (&/ %n #! n %$t (-)%$.

;.2 RE S E A RCH S O U RCE S

A (&/b n%t &n &, b&th $ /%$y %n" !#(&n"%$y $#!&-$(#! h%*# b##n -!#" t& %(h #*# th#

% /! %n" &b3#(t *#! &, th ! $# &$t

;.2. P$ / %$ y R #!# %$ ( h

Th# nt#$n%) ,-n(t &n n1 &, th# &$1%n %t &n' t! (-)t-$%) %! #(t!' t! /%n%1#/#nt

!ty)# %n" )#%"#$!h !y!t#/! +#$# "#t#$/ n#" th$&-1h !-$*#y! + th th# $#!#nt %n" #7

#/ )&y##! &, th# &$1%n %t &n' #7t#n! *# -!# &, 6-#!t &nn% $#! +#$# /%"# ,&$ th !

-$ &!#. -#!t &nn% $#! +#$# !#nt &-t by t+& b%! ( +%y!' , $!t th# 6-#!t &nn% $#! +#$#

!#nt th$&-1h #)#(t$&n ( /% ) %n" !#(&n" th# 6-#!t &nn% $#! +#$# !#nt &-t th$&-1h th#

t$%" t &n%) /% ) n1 /#th&" .#. by &!t. A "$%,t 6-#!t &nn% $# ! %tt%(h#" %t th# #n".

Int#$* #+! +#$# %)!& (%$$ #" &-t + th th# &,, ( %)! &, SAIL TATA St##) n*&)*#"

n th# ,-n(t &n n1 &, th# (&/ %ny %n" &th#$ #& )# ,$&/ th# n"-!t$y t& "#t#$/ n# th#

/%$ #t n1 %! #(t! &, th# &$1%n %t &n %n" th# n"-!t$y' th ! % /#" t& , n" &-t th#

$#%!&n! ,&$ th# %tt% n/#nt &, (&/ #t t *# %"*%nt%1# th$&-1h #/ )&y n1 #,,#(t *#

/%$ #t n1 !t$%t#1 #! by th# (&/ %ny.

Th# "%t% (&))#(t#" +%! %n%)y #" t& "#t#$/ n# th# &! t *# %! +#)) %! th# n#1%t *# %! #(t!

&, th# &$1%n %t &n n $#)%t &n t& th# n"-!t$y' t& b#tt#$ -n"#$!t%n" th# ,%(t&$! +h (h h%*#


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(&nt$ b-t#" t& t! (&/ #t t *# %"*%nt%1# %n" t& /%$ &-t th# ,%(t&$! +h (h %$# h n"#$ n1

t! 1$&+th %n" (%n %,,#(t th# !-!t% n%b ) ty &, th# (&/ #t t *# %"*%nt%1# n th# ,-t-$#.

P$ /%$y "%t% (&))#(t &n /#th&"!

S%/ )# ! # 00

S%/ )# %$#% NCR D#)h

S%/ )# -n t &,, ( %)! %n" #/ )&y##! &, SAIL T%t% !t##)

M#th&" &, (&))#(t &n &, "%t%

-#!t &nn% $# /#th&" %! +#)) %! nt#$* #+ /#th&" +%! #/ )&y#" t& #7t$%(t b#!t $#!-)t!

,$&/ th# t%$1#t $#! &n"#nt!

;.2.2 S#( &n"%$ y R #!# %$ ( h

Th# !#(&n"%$y !&-$(#! &, "%t% (&n! !t! &, b&& ! ,&$ %n %(%"#/ ( #$! #(t *#'

n"-!t$y 3&-$n%)!' /%1% n#! ,&$ (&/ #t t *# !t$%t#1y' %nn-%) $# &$t!' 1&*#$n/#nt

-b) (%t &n! %n" * #+! &, &th#$ %-th&$!.

S&/# &, th# !#(&n"%$y !&-$(#! &, n,&$/%t &n n()-"#

B&& !

F n%n( %) %((&-nt n1 % /%n%1#$ %) #$! #(t *#X N%$%y%n% S+%/y 2 n" #" t &n

Eth (! n -b) ( /%n%1#/#nt F$#"$ ( !&n %n" Gh#$#


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&hn!&n G' S(h&)#! K' h tt n1t&n R. 4200?5. E7 )&$ n1 C&$ &$%t# St$%t#1y T#7t

%n" C%!#!. >Th E" t &n' H%$)&+ En1)%n". FT P$#nt (# H%)).

P&$t#$' E M' 4 @8?5 C&/ #t t *# A"*%nt%1#' C$#%t n1 %n" S-!t% n n1 S- #$ &$P#$,&$/%n(#. USA' th# F$## P$#!!.

C&/ #t t *# St$%t#1y T#(hn 6-#! ,&$ An%)y n1 In"-!t$ #! %n" C&/ #t t&$!

by M (h%#) E. P&$t#$

Int # $n # t ) n !

+++.!% ).(&. n

+++.t%t%!t##).(&/

+++. n" %n/#t%)!.(&/

Oth # $ S&- $ (#! n () -" n 1 3&- $n%) !

Th# In" %n St##) In"-!t$y &-$n%) 4St##) &$)"5

R#!&-$(# ,&$ B-! n#!! T#(hn&)&1y M%n%1#/#nt %n" Kn&+)#"1# M%n%1#/#nt

4+++.b$ nt.(&/ 5

M n !t$y &, St##) 4In" %5 9 R# &$t!' , 1-$#!' %n%)y! !' $#!#%$(h

Ann-%) R# &$t!

CRISIL 9 4In" %n R%t n1!' F n%n( %) N#+!' R ! ' %n" &) (y %"* !&$y (&/ %ny5

Th# In" %n !t##) %)) %n(#
http://www.sail.co.in/http://www.tatasteel.com/http://www.indianmetals.com/http://www.tatasteel.com/http://www.indianmetals.com/http://www.sail.co.in/


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;.; PROPO S E D ANA L YS I S

Th# $#!-)t! &, th# 6-#!t &nn% $# +#$# %n%)y #" -! n1 1$% h! %n" (h%$t! %n" % t$#n" &n th#

nt#$n%) +&$ n1 &, th# &$1%n %t &n +#$# /%$ #" &-t. Th ! %))&+#" $#%(h n1 (&n()-! &n!

&n th# !!-# %! t& +h#th#$ th# nt#$n%) & #$%t &n! &, th# &$1%n %t &n %$# (&n"-( *# ,&

1$&+th &$ n&t.

Th# $#!-)t! &, th# nt#$* #+! +&-)" %))&+ -! t& 1& n "# th nt& th# /%$ #t n1 &) ( #! &,

th# &$1%n %t &n %n" +&-)" %))&+ -! t& ) n t t& th# ,-t-$# (&/ #t t *# &! t &n.

B&th 6-%nt t%t *# %n" 6-%) t%t *# "%t% %n%)y! ! !h%)) b# "&n# by -! n1 % $& $ %t# /#%

+h (h (&/ ) #! + th b&th %(%"#/ ( %n" $&,#!! &n%) !t%n"%$"!.


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;.< S TEEL I NDUS TR Y TRE NDS

T AB LE ;.

GLO BA L S TEEL PRO DU CTIO N AND CO NSU MPTIO N

Y#%$ P$&"-(t &n

4M )) &n t&nn#!5

C&n!-/ t &n

4M )) &n t&nn#!5

2002 ? ;.? ?


66/114

()illion tonnes*+roduction()illion tonnes*,onsu!ption

T AB LE ;.2

G lob a l S tee l - r a ns a ctions

550

5 0

530

520

510

500

$02002 2003 200 2005 200 200'

(E*

.ears

4B-! n#!! &$)"' 200=' *&)-/#


67/114

()illion tonnes* +roduction

()illion tonnes* /pp.,onsu!ption

2002 2'>@? 2';00

200; ;'2@0 2'8?;

200= ;' 8 ;'028

200> 4E5 ;' 00 2'@?0

4E5 E!t /%t#" ' b%!#" &n DCIS , 1-$#! - t& F#b.'200

Th# $&"-(t &n %n" (&n!-/ t &n &, 1 $&n n In" % b#t+##n 2002 %n" 200> 4#!t /%t#"5

%$# ,-$n !h#" n T%b)# ;.;

T AB LE ;.0

T%t% St##)


69/114

I! %t In"-!t$ #! 22?

ISCO


70/114

CH A PTER < EMPIRIC A L FI ND I N G S

5


71/114

TATA STEEL

INDALSTEEL ESSARSTEEL

. h (h (&/ %ny "& y&- th n ! th# /% n (&/ #t t&$ &, y&-$ (&/ %nyW

4 ,&$ *#$y &&$' ? ,&$ *#$y !t$&n15

A5TATA St##) B5 n"%) St##) C5E!!%$ St##)

T AB LE


72/114

2. H&+ +&-)" y&- $%t# y&-$ (&/ %n #! (&/ #t t *#n#!! n $#)%t &n t& th# n"-!t$yW

A5L#!! C&/ #t t *# B5M&"#$%t#)y C&/ #t t *# C5V#$y C&/ #t t *#

T AB LE


73/114

y#!n&

;. D& y&- th n b# n1 % -b) ( !#(t&$ (&/ %ny ! % h-$")# ,&$ th# 1$&+th &, th#

(&/ %nyW

A5Y#! B5N&

T AB LE 0

=0

?0

0


74/114

y#!n&


75/114

&! t *#n#1%t *#

?. h%t %,,#(t "& th# 1&*#$n/#nt &) ( #! h%*# &n th# (&/ %nyW

A5P&! t *# B5N#1%t *#

T AB LE 0

=0

?0


76/114

&! t *#n#1%t *#

=. h%t %,,#(t + )) th# & #n n1 - &, th# In" %n !t##) !#(t&$ + )) h%*# &n th# ,-t-$# &,

y&-$ (&/ %nyW

A5P&! t *# B5N#1%t *#

T AB LE 0

=0

?0

0 >?

n#1%t *# ;0 2?


77/114

A-t&($%t ( M&"#$%t#

D#/&($%t (

>. In y&-$ & n &n' +h (h !ty)# &, )#%"#$!h "! y&-$ (&/ %ny h%*#W

A5A-t&($%t ( B5M&"#$%t# C5D#/&($%t (

T AB LE


78/114

8. H&+ %$# th# %t/&! h#$# %n" th# #n* $&n/#nt %t +&$ W

A5V#$y T#n!#" B5T#n!#" C5M&"#$%t# D5R#)%7#" E5V#$y R#)%7#"

T AB LE


79/114

@. H&+ +&-)" y&- $%t# th# t-$n&*#$ $%t# n y&-$ &$1%n %t &nW

A5V#$y H 1h B5H 1h C5M#" -/ D5L&+ E5V#$y L&+

T AB LE


80/114

y#!n&

0. D! th# (&/ %ny &,,#$ y&- & &$t-n t #! ,&$ 1$&+th %n" %"*%n(#/#nt &, y&-$

(%$##$W

A5Y#! B5N&

T AB LE 0

=0

?0

? >0

n& 2? ;0


81/114

(&n"-( *# ,&$ 1$&+thh n"#$! 1$&+th

. A((&$" n1 t& y&- h&+ ! th# (-)t-$# &, th# &$1%n %t &nW

A5C&n"-( *# ,&$ 1$&+th B5H n"#$! G$&+th

T AB LE 0

=0

?0


82/114

(&n!-/#$ ! n1

(&n!-/#$ ! / &$t%nt

(&n!-/#$!%$# 3-!t

2. h%t "! y&-$ (&/ %ny th n %b&-t t! (-!t&/#$!W

A5C-!t&/#$ ! n1 B5C-!t&/#$ ! I/ &$t%nt

C5C-!t&/#$! %$# 3-!t C-!t&/#$!

T AB LE 0

=0

?00

(&n!-/#$ !/ &$t%nt

(&n!-/#$! %$# 3-!t/ &$t%nt

;? 28

? 2


83/114

y#!n&

;. D! y&-$ (&/ %ny $#+%$" y&- ,&$ y&-$ #$,&$/%n(#W

A5Y#! B5N&

T AB LE 0

=0

?0

? >0

n& 2? ;0


84/114

y#!n&


85/114

*#$y ()#%$ *#$y-n()#%$

?. H&+ ()#%$ %$# %-th&$ ty %n" $#! &n! b ) ty $#)%t &n!h ! "#, n#" n y&-$ &$1%n %t &

A5 V#$y ()#%$ B5 V#$y -n()#%$ C5 C%n t !%y

T AB LE


86/114

y#!n&

=. D& y&- &+n th# !h%$#! &, y&-$ (&/ %nyW

A5Y#! B5N&

T AB LE 0

=0

?0

? >0

n& 2? ;0


87/114

y#!n&

>. I, y#!' th#n %$# y&- h% y + th th# " * "#n" %y&-t!W

A5 Y#! B5 N&

T AB LE

@0

80

>0

=0

?0


88/114

1&&"

*#$y1&&"!%t !,%(t&$y

8. In y&-$ & n &n h&+ h%! b##n th# #$,&$/%n(# &, y&-$ (&/ %n #! !t&( n th# $#(#nt

%!tW

A5 G&&" B5V#$y 1&&" C5S%t !,%(t&$y D5O-t!t%n" n1

T AB LE


89/114

y#!n&

@. &-)" y&- n*#!t /&n#y n y&-$ &+n (&/ %n #! !t&( W

A5Y#! B5N&

T AB LE 0

=0

?0


90/114

y#!n&

20. Th# ,-t-$# ! *#$y (&/ #t t *# "& y&- th n y&-$ &$1%n %t &n ! $#%"y t& ,%(# th#

(&/ #t t &nW

A5 YES B5NO

T AB LE 0

=0

?0


91/114


92/114

] In($#%!#" -!%1# n B$ "1#!' C$%!h B%$$ #$!' F)y&*#$! %n" B- )" n1 C&n!t$-(t &n!

] C)&!#$ nt#$%(t &n b#t+##n INSDAG L%$1# P$&"-(#$! %n" A$(h t#(t! En1 n##$!

St-"#nt!


93/114

In (%!# &, ,)%t $&"-(t!' SAIL $#/% n! % /%3&$ !- ) #$ &, HR C& )! t& th# t-b# /% n1

!#(t&$ +h )# n($#%! n1 t! $#!#n(# n th# (&)" $&)) n1 !#1/#nt. F-$th#$' th# 1$&+ n1

"#/%n" ,$&/ th# +h t# 1&&"! %n" %-t&/&b )# !#1/#nt! $&* "# 1&&" & &$t-n ty ,&$

#nh%n(#" !%)#! &, CR C& )! %n" Sh##t!.

Th# +%t#$ !- )y' & ) 1%! !#(t&$! %$# &th#$ !#1/#nt! +h#$# th#$# ! )%$1# 1$&+th

&t#nt %) %! % n-/b#$ &, /%3&$ #) n# $&3#(t! %$# &n th# %n* ). Th# E)#(t$ ( R#! !t%n(#

#)"#" P # P)%nt 4ER PP5 %t R&-$ #)% +h (h ! b# n1 /&"#$n #" + )) b# %b)# t& (%t#$

t& th# $#6- $#/#nt! &, th# & ) %n" 1%! !#(t&$ th$&-1h !- )y &, h 1h#$ 1$%"#! &, API P #!

- t& API >0 n +%)) th ( n#!! &, ;.2 9 2.> //. B#! "#!' SAIL +&-)" (&nt n-# t&

!- )y HR C& )! %n" P)%t#! t& /##t th# $#6- $#/#nt &, th#!# !#(t&$!.

D-$ n1 )%!t ,#+ y#%$!' th# C&/ %ny h%! t% #n !#*#$%) /#%!-$#! t& $#"-(# (&!t! n %$#%!

!-(h %! & #$%t &n!' -$(h%!#! #t(.' +h (h h%! h#) #" n (&nt% n n1 SAIL ! (&!t &,

$&"-(t &n by n#-t$%) n1 th# / %(t &, n -t (&!t #!(%)%t &n!. C&!t $#"-(t &n +&-)"

(&nt n-# t& $#/% n % th$-!t %$#% ,&$ SAIL %! th# (&/ %ny !t$ *#! t& ,-$th#$ / $&*# t!

(&!t (&/ #t t *#n#!!.


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nt#$n%t &n%) $ (#! 1& "&+n th#$# (&-)" b# %n n($#%!# n / &$t!. F-$th#$/&$#' %ny

"&+n+%$" t$#n" n nt#$n%t &n%) /%$ #t $ (#! /%y $#!-)t n (&n!#6-#nt %) $#"-(t &n n

$#%) %t &n n "&/#!t ( /%$ #t.

Ant "-/ n1 /#%!-$#! (&nt n-# t& b# h#)" n )%(# &, USA %n" th# E-$& #%n Un &n %n"

#7 #$t! t& th#!# (&-nt$ #! !t )) $#/% n )%$1#)y %,,#(t#". F-$th#$' th# 1$&+th n 1)&b%) !t##)

"#/%n"' +h (h h%! b##n &+#$#" by th# h 1h "#/%n" ,$&/ Ch n%' /%y n&t b#

/% nt% n#" %t th# $#!#nt )#*#) %n"' n "-# (&%$!#' (&-)" 1#t $#*#$!#" +h#n Ch n#!#

"#/%n" (&/#! "&+n &, $&"-(t &n (% %( ty &, Ch n% n($#%!#!. In $#! #(t &, HR C& )!'

th#$# ! !t )) %n #!t /%t#" !-$ )-! (% %( ty %b&-t ; / )) &n t&nn#! n th# (&-nt$y %n"

#7 &$t! (&-)" n##" t& b# /% nt% n#" !& )&n1 %! "&/#!t ( "#/%n" ,%))! !h&$t &,

%*% )%b ) ty. h )# SAIL h%! - 1$%"#" %n" /&"#$n #" th# R% ) M )) %t Bh )% St##) P)%nt'

#nt$y &, n#+ $&"-(#$! &, $% )! n th# (&-nt$y ! % &t#nt %) !&-$(# &, (&/ #t t &n.

H&+#*#$' SAIL h%! ! 1n#" %n MOU + th th# R% )+%y! +h& %$# !&-$( n1 %)/&!t th# $

$#6- $#/#nt &, $% )! ,$&/ SAIL. A)!&' n#+ (% %( t #! %$# b# n1 !#t - n th# (&-nt$y'

+h (h &n (&// !! &n n1' +&-)" ,-$th#$ nt#n! ,y th# $#!#nt )#*#) &, (&/ #t t &n.


95/114

#t(. In th# $#6- $#" 6-%) ty (&- )#" + th n,$%!t$-(t-$%) (&n!t$% nt!' ) # +%1&n

%*% )%b ) ty' &$t (&n1#!t &n #t(. &-)" 1$#%t)y / %(t & #$%t &n! %t SAIL P)%nt! %! +#))

%! th# $ & #$%t n1 /%$1 n!


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CH A PTER ? CO N CL US IO N

It +%! % $ * )#1# ,&$ /# t& t% # th ! & &$t-n ty t& (h&&!# SAIL TATA St##) %! th#

t%$1#t &$1%n %t &n! ,&$ /y $#!#%$(h !t-"y. A! % $#!-)t &, /y $#!#%$(h +&$ %n" %n%)y! !

,-$th#$' I $#%(h#" th# ,&))&+ n1 (&n()-! &n

SAIL $#(&1n #! th%t )#%"#$!h ! #!!#nt %) ,&$ !-$* *%) n (&/ #t t &n #n* $&n/#nt.

C-!t&/#$ ! !%t !,%(t &n ) # 6-%) ty ! % 3&-$n#y %n" n&t % "#!t n%t &n. It ! #!!#nt %) th%

#*#$y&n# n th# (&/ %ny h%*# % ()#%$ -n"#$!t%n" n1 &, +h%t (-!t&/#$ !%t !,%(t &n /#%n!

, th# )%nt % / t& %(h #*# )#%"#$!h n (-!t&/#$ !%t !,%(t &n. h )# / $&*#" (-!t&/#$

!%t !,%(t &n ! n#(#!!%$y ,&$ #n!-$ n1 $&! #$ ty &, th# (&/ %ny /-!t %)!& b# $#(&1n #"

th%t %b ) ty &, th# (&/ %ny t& !%t !,y t! (-!t&/#$! +&-)" "# #n" &n t! %b ) ty t&

(&nt n-&-!)y / $&*# t! $&, t %n" 1$&+th.

Th# /%n%1#/#nt %t TATA St##) b#) #*#! th%t C-!t&/#$ ! !%t !,%(t &n +&-)" h% #n

+h#n th# /%n%1#/#nt ,-), ))! th# ,&))&+ n1 " /#n! &n!.

. D#) *#$y n t /#.

2. P$&"-(t / 7 %((&$" n1 t& (-!t&/#$ $#6- $#/#nt

;. F)#7 b)# $ ( n1 &) ( #!


97/114

I h%*# &b!#$*#" (#$t% n $&b)#/! n th# /%$ #t n1 "# %$t/#nt &, SAIL +h (h h%! !(& #

&, / $&*#/#nt!

. P&) ( #! %n" !t$%t#1 #! t& ($#%t# %+%$#n#!! %/&n1 th# (-!t&/#$! %b&-t th# $&"-(t %$#

n&t #,,#(t *#.

2. A)) /%$ #t n1 $&(#"-$# &, $ /# $&"-(t! %$# "#( "#" by SAIL %n" (%$$ #" &-t by th#

C#nt$%) M%$ #t n1 O$1%n %t &n 4CMO5.

;. A! th# &$1%n %t &n ! (&n(#$n#" + th % )%$1# n-/b#$ &, $&"-(t &n! %(t * t #! %n" th#

"# %$t/#nt%) +&$ %$# "&n# /&!t)y /%n-%))y ,$&/ )%(#/#nt &, &$"#$! t& "&(-/#nt%t &n'

+h (h -)t /%t#)y ,$-!t$%t#! th# #/ )&y##!.


98/114

8. E7 &$t (&n! "#$#" S#(&n"%$y t& "&/#!t ( !#)) n1 %! SAIL ! % 1&*#$n/#nt -n"#$t% n1

%n" t! F $!t $ &$ ty ! 1 *#n t& "&/#!t ( /%$ #t n1.

Th# (-$$#nt -!%1# &, !t##) n (&n!t$-(t &n n &-$ (&-nt$y ! $#%!&n%b)y )&+. It /%y b#

n&t#" th%t th# $#!#nt #$ (% t% (&n!-/ t &n n th# (&-nt$y ! b%$#)y 2@ 1!' %! %1% n!t

th# +&$)" "#/%n" &,


99/114

, !(%) &) (y' th# 1&*#$n/#nt h%! $&* "#" *%$ &-! n(#nt *#! ,&$ (&n!t$-(t &n &, n#+

"+#)) n1 -n t!. Th# nt#$#!t $%t#! &n h&-! n1 )&%n! h%*# b##n (-t t& %)/&!t h%), &, +h%t

th#y +#$# ? y#%$! b%( . S / )%$)y' #$!&n%) t%7 $#) #,! h%*# b##n $&* "#" ,&$

(&nt$ b-t &n t&+%$"! th# $ n( %) %/&-nt +h#$# )&%n ,%( ) t #! h%*# b##n %*% )#" ,&$

h&-!# (&n!t$-(t &n.

R&%" b- )" n1 ! %n&th#$ / &$t%nt %$#% n th# (&n!t$-(t &n !#(t&$' +h (h ! %)) !#t t&

#7 #$ #n(# //#n!# 1$&+th. Un"#$ th# N%t &n%) H 1h+%y D#*#)& /#nt P$&1$%//#'


100/114

?. . G &*# $n /# nt P$ &t#( t &n ,& $ In" %n S t##) In"- ! t$ y

St##) n"-!t$y "! n&t #n3&y %ny -n$#%!&n%b)# $&t#(t &n ,$&/ th# G&*#$n/#nt.

I/ &$t "-ty &n !t##) +%! $#"-(#" ,$&/ 2? t& 20 %n" h%! b##n )&+#$#" ,-$th#$ t& ? .

HR St##) / &$t! h%*# b#(&/# (h#% #$ by %)/&!t R! =000 t& R! 8000. Th# G&*#$n/#nt

h%! %)!& !-! #n"#" DEPB b#n#, t! &n #7 &$t &, HR St##). Th# (&/b n#" #,,#(t &, th ! h%!

$%(t (%))y %b&) !h#" %ny /#%n n1,-) $&t#(t &n. An % $#( %t n1 R- ## h%! /%"#

#7 &$t! #*#n )#!! * %b)# ,&$ th# n"-!t$y %n" / &$t! (&nt n-# b#(&/ n1 (h#% #$.

N-/#$&-! n&n t%$ ,, b%$$ #$! &n !t##) #7 &$t! h%*# b##n -t n )%(# by &th#$

(&-nt$ #!. D#*#)& #" (&-nt$ #! ) # US h%*# / &!#" h 1h %nt "-/ n1 "-ty %! h 1h %!

=0 &n (#$t% n *%$ #t #! &, !t##)

h )# th ! ! th# (%!# + th In" %n !t##) n"-!t$y' -!#$ 1$&- ! !-(h th# In" %n

%-t&/&b )# n"-!t$y #n3&y! % h 1h $&t#(t &n + th 00 / &$t "-ty &n , n !h#"

$&"-(t!.

D#! t# th#!# " ,, (-)t #! th# In" %n !t##) n"-!t$y h%! /%n%1#" t&

tata steel ritika (1)

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