Speciality steel

In news : Approval of Production Linked Incentive Scheme for specialty steel

Why the PLI scheme for speciality steel?

 Although India is a net exporter of steel in terms of quantity, it still remains a net importer of ‘specialty steel’ owing to limited or nil production capacity for steel grades such as high strength steel, electrogalvanized steel, heat-treated steel, asymmetrical rails, bearing steel, valve steel, tool & die steel etc. In order to incentivize production of such ‘specialty steel’ grades, the Union Cabinet on 11th Nov 2020 approved the Production Linked Incentive (PLI) Scheme for specialty steel grades. 

Benefits of the scheme

• It is envisaged that the PLI scheme shall boost the production of identified specialty steel grades from the current 16 MTPA to over 37MTPA in 5 years, while attracting investments of over Rs 35,000 Cr. 
• This would not only result in an overall contribution to achieving the USD 5 Trillion economy, but would directly boost employment in the country owing to the huge multiplier effect of steel.

What is specialty steel?

Specialty steels also referred to as alloy steel contain additional alloyed materials that deliver special properties to the final product. Specialty steels are engineered to provide superior performance under specific conditions. Various stainless steel alloys are included among common specialty steels.

What are the benefits of  specialty steels?

The benefits of specialty steels include:

• High corrosion resistance
• Targeted resistance to high and/or low temperatures
• Easily fabricated
• Dimensional stability and strength
• Non-magnetic
• Sterile and hygienic
• Well suited for special applications
• Lighter weight