Modern steel making in India began with the setting of first blast furnace of India at Kulti in 1870 and production began in 1874, which was set up by Bengal Iron Works.Tata Iron and Steel Company (TISCO) was established by Dorabji Tata in 1907, as part of his father’s conglomerate. By 1939 it operated the largest steel plant in the British Empire. The company launched a major modernisation and expansion program in 1951.
Prime Minister Jawaharlal Nehru, a believer in Harold Laski’s Fabian socialism, decided that the technological revolution in India needed maximisation of steel production. He, therefore, formed a government owned company, Hindustan Steel Limited (HSL) and set up three steel plants in the 1950s , Now SAIL .
The Indian steel industry began expanding into Europe in the 21st century. In January 2007 India’s Tata Steel made a successful $11.3 billion offer to buy European steel maker Corus Group. In 2006 Mittal Steel Company acquired Arcelor for $34.3 billion to become the world’s biggest steel maker, ArcelorMittal, with 10% of the world’s output.
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