The iron and steel industry is one of the foremost important and basic industry now:
This is so because mechanical works have totally transformed into something that depends on technology. It is also true that nowadays most of the industries be it heavy, medium or light have a good amount of dependency on heavy machinery and machinery parts. Thus, it is one of the basic industries that are in India.
To be specific, we need steel to manufacture basic tools and components of pieces of machinery. It is also a vital component in shipbuilding and transport-related industries.
Not only steel but iron and steel industries are providers of everyday activities in today’s world.
Pros of Iron and Steel Industry:
1. The first and foremost advantage is laying and increasing direct industrial growth as a whole.
2. The establishment of such industries provides equipment and pieces of machinery for all kind of activities that occurs in the country.
3. Greater employment rate.
4. Exporting fine products and produced goods can be advantageous for the country as a whole.
5. With increase industries, there is an increased rate of urbanization and hence greater opportunities.
6. There are advanced routes and methods of transportation due to the increase in the Iron and Steel Industry.
Cons of establishing Iron and Steel Industry:
1. The cost of maintenance of such a developing industry is very costly.
2. The production from the Iron and Steel Industry must be stored away from water due to the occurrence of rust.
3. The produced Iron is known to have poor tensile strength.
4. A much greater and higher amount of energy and heat is needed to process and manufacture products from the Iron and Steel industry.