Steel Sector Research Articles

Prediction of CO2 emissions to achieve net-zero objectives in the iron and steel sectors of North America

ABSTRACT Predictive models are widely used to create effective plans for reducing CO2 emissions in manufacturing. The Iron and Steel (I&S) industries play a crucial role in meeting international commitments to achieve Net-zero emissions by 2050. The objective of this study is to forecast carbon dioxide emissions from the I&S industries in North America through the utilization of a Multi-Objective Mathematical model. The proposed data-driven approach is integrated with various machine learning algorithms capable of accurately predicting future values with a small dataset. Additionally, sensitivity analyses under different scenarios are conducted to evaluate the impact of implementing proposed solutions by the research community. Results show a significant improvement in accuracy through the employment of the Whale Optimization Algorithm (WOA). Forecasts reveal a sustained increment of 0.7 MtCO2 every year spanning between 2022 and 2050. This study provides valuable information for stakeholders and policymakers as it allows a more precise evaluation to integrate new technologies to abate forthcoming CO2 emissions.

Method for Calculating the Unbalanced Current in Ungrounded Double Wye C-Type Harmonic Filters

This paper presents a methodology to calculate the neutral unbalanced current in C-type filters with an ungrounded double Wye topology; this equipment is widely used in the steel sector to mitigate the harmonic content in electrical installations caused by electric furnaces used in metal smelting processes. A common failure in these filters is the current unbalance caused by the degradation of the capacitor and inductor modules, leading to dangerous surges that affect these components, possible harmonic resonances, and deficient filtering by the equipment. Currently, there are no documented strategies for calculating the neutral current that allow for the proper adjustment of neutral protection in this type of equipment, resulting in catastrophic failures, costly unscheduled shutdowns, and potential harm to plant personnel. In this paper, we propose a methodology for calculating the unbalanced current in double Wye C-type harmonic filters, considering the natural degradation of capacitor and inductor modules and based on on-site measurements of the impedances for each element of the equipment. This allows for the predictive maintenance of these devices and the precise adjustment of neutral overcurrent protection. First, we review the operating principle of C-type harmonic filters and the neutral protection scheme. Then, the calculation methodology is proposed and validated in two practical case studies. In the first case, a 45 Mvar C-type second harmonic filter connected to a 34.5 kV bus is analyzed. In the second case, an 18.5 Mvar C-type second harmonic filter, part of a ±80 Mvar STATCOM system, connected to a 34.5 kV bus is examined. In both cases, these filters reduce the harmonic content in two steel plants: the first connected to a 400 kV bus and the second to a 230 kV bus. The results obtained with the proposed methodology were implemented in the protection device for a neutral current imbalance, considering different degradation values of the capacitors, and compared with the manufacturer’s suggested settings. The discussion highlights the good performance of the proposed methodology, particularly in terms of the protection device’s response speed to a risky unbalanced current.

Cobalt-based Molecular Electrocatalyst-Mediated Green Hydrogen Generation: A Potential Pathway for Decarbonising Steel Industry

Amid the climate change crisis, researchers are investigating the transformative potential of green hydrogen produced by renewable energy electrolysis to decarbonize the steel sector, a significant contributor to global carbon emissions. It aims to lower the carbon footprint of the steel industry by showcasing green hydrogen's potential as a cleaner substitute for traditional fossil fuels in the production process. Despite its potential, issues such as high costs, restricted availability, and infrastructural alterations must be addressed. Cobalt-based synthetic catalysts, especially cobaloximes, are being considered as a key electrocatalytic component for hydrogen production via water-splitting. Cobaloximes, noted for their efficiency and stability in catalysing hydrogen evolution, have made considerable advances in the field of molecular catalysis. Recently, advanced immobilisation procedures have appreciably enhanced their overall catalytic output and application. This article discusses several electrolyser technologies, such as proton exchange membrane (PEM) and alkaline electrolysis, highlighting the benefits of multi-stacked electrolyser systems for boosting hydrogen generation efficiency. These encouraging results are vital for unravelling a durable catalytic material that can be scaled up without much financial stringency. In light of the global climate pledges, the document concludes that green hydrogen might provide 24% of the world's energy needs by 2050, resulting in a considerable reduction in CO2 emissions.

Iron and steel workers acquiring a factory in exchange for a single coin: a genuine people’s sector

ABSTRACT The iron and steel industry, a cornerstone of industrialization, is vital for economic growth and infrastructure development, particularly in Turkey, where it has been central to industrial policy. This study explores how the Karabük Iron and Steel Factories, known as ‘the factory of factories,’ were transferred to workers for a symbolic price of 1 Turkish Lira (TL) following worker protests against privatization. The study focuses on the strong labor movement and social cohesion among the iron and steel workforce, using the 8 November 1994, protests as a case study. It evaluates how the structural characteristics, societal concerns, and outcomes of these protests differ from other labor movements. By highlighting these differences, the study aims to contribute to the literature on labor movements and protest dynamics. The November 8 protests were significant in raising awareness of workers’ rights and union struggles through media and public attention, while also shedding light on the state and public authorities’ strategies for maintaining social order. Moreover, the study links the achievements of these protests to the concept of the people’s sector. One key conclusion is the relationship between the iron and steel sector and the people’s sector, emphasizing the role iron and steel workers have played in fostering social stability and solidarity.

GENOMIC INSTABILITY IN ONION (ALLIUM CEPA L.) IRRIGATED WITH INDUSTRIAL WASTEWATER: A CYTOGENETIC STUDY

Wastewater negatively affects the production of plants. The impact can vary depending on the wastewater content and the sensitivity of the plant type. The purpose of the current study was to look at the hazardous effects of wastewater from the steel and rubber industries on onions (Allium cepa). Twenty-four pots were filled with soil. Three replicates are used in this study to investigate the impact on Allium cepa. To evaluate the level of toxicity of the rubber and steel industries' waste waters, three concentrations of each wastewater and a control were selected. The concentrations for rubber industry effluent were chosen: 80% (S1), 90% (S2), and 100% (S3) and for steel industry 80% (R1), 90% (R2), and 100% (R3). Wastewater treatment inhibited root development when compared to control. Genotoxic research at different intensities showed chromosomal abnormalities. As the concentrations increased, the mitotic index fell and chromosomal abnormalities grew. Chromosome bridges, nuclear budding, sticky and coagulated anaphase and metaphase, and other chromosome abnormalities were seen. Overall, it was shown that the application of wastewater from the steel sector and wastewater from the rubber business had a detrimental effect on plant growth. However, when compared to rubber industry wastewater, steel sector wastewater has a higher level of toxicity. Compared to rubber sector waste water, steel industry wastewater has a higher concentration of heavy metals.

Decarbonization In the Steel Industry, Resource Management and Environmental Impact Assessment

The steel industry, as one of the basic global industries, plays a very important role in the production of carbon dioxide and greenhouse gases. Considering the necessity of the global decarbonization process and the big challenges facing the steel sector in Iran, the stakeholders must discover ways to achieve the decarbonisation of the Iranian steel sector. In this context, we present an initial exploration of this perspective, where the general focus is towards using suitable substitute materials, using more scrap steel and changing existing recycling methods to remove more impurities (e.g., vehicle disassembly). instead of crushing them, which challenges material separation). better design and material substitution; increasing energy efficiency; Changing carbon-intensive technologies to net zero; etc., which have the potential to accelerate the transition towards decarbonization of steel and thus strengthen and promote the vital process of decarbonization in the steel sector. New technologies are being developed that will significantly reduce carbon emissions in the iron and steel sector. Ways in which the uptake of more sustainable technology can be stimulated, including their orientation.

Prediction of Financial Distress by Zmijewski’s X-Score Model in Selected Indian Iron and Steel Companies

The study delves into the intricate realm of financial distress prediction within the Indian Iron and Steel sector, employing Zmijewski's X-Score Model. The analysis encompasses five prominent companies – Jayaswal Neco Industries Ltd., Incredible Industries Ltd., Sarda Energy & Minerals Ltd., Kritika Wires Ltd., and Hariom Pipe Industries Ltd. – over five years from 2018 to 2022. The research uncovers nuanced insights into the financial health of these companies. Jayaswal Neco Industries Ltd., Incredible Industries Ltd., and Kritika Wires Ltd. showcase stability or improvement, indicating lower risks of financial distress. Conversely, Sarda Energy & Minerals Ltd. faces heightened risk, notably in 2022, while Hariom Pipe Industries Ltd. consistently exhibits financial vulnerability, worsening in the same year. The study employs robust statistical analyses, including multivariate tests and between-model effects analysis, revealing that specific financial ratios significantly impact Kritika Wires Ltd.'s stability. However, the complexity of financial distress becomes evident as other companies do not show significant impacts, underscoring the necessity for a nuanced understanding of diverse business dynamics. This research provides in-depth insights into financial distress prediction in the Indian Iron and Steel sector, offering valuable implications for industry practitioners and policymakers. By comprehending the complexities and adopting effective predictive models, companies can proactively manage risks, ensuring stability and contributing to overall economic growth.

Decoupling of environmental impacts in the iron and steel sector is still needed beyond emissions

AbstractThe iron and steel (IAS) sector forms a critical foundation of the global economy, and the successful eco‐economic decoupling of this sector has been a focus of academic inquiry. However, existing literature in decoupling analysis often adopts a “carbon tunnel vision,” that is, concentrating on carbon alone while neglecting a broader array of environmental consequences. Here, we conduct multi‐footprint accounting for the IAS sector from 2000 to 2022 for carbon, energy, water, and particulate matter dimensions, examining decoupling patterns across different regions and various footprint types. Contrary to existing literature showing the successful decoupling of the IAS sector's environmental impact with economic growth, our study highlights that the decoupling trend is only observed in carbon footprints. We find that the carbon intensity has experienced a substantial decrease in the post‐2016 period, effectively counterbalancing the growth induced by increased demand. Such a pattern is unobserved for other footprint types. This suggests that while carbon has decoupled, other environmental impacts, such as water use and particulate matter, remain closely linked to the economic activity in this sector. These findings highlight a need for achieving sustainability on a diverse scale beyond decarbonizing the IAS sector. A shift away from the “carbon tunnel vision” in scholarly inquiry and public attention is essential, as it may hinder achieving diverse sustainability goals.

The role of the iron and steel sector in achieving net zero U.S. CO2 emissions by 2050

The U.S. steel sector is a hard-to-abate sector because of its heavy dependence on fossil fuels and its high capital requirements. In 2015, the sector was one of the major carbon emitters, contributing 10 % of the U.S. industrial CO2 emissions. The ability to decarbonize the U.S. iron and steel sector directly affects the ability of the U.S. to achieve economy-wide net zero CO2 by 2050. In this paper, we use the Global Change Analysis Model (GCAM) to analyze different U.S. steel sector decarbonization pathways under varying technology, policy, and demand futures. These pathways provide insights on how various low-carbon steelmaking technologies such as those using carbon capture and storage (CCS), hydrogen, or scrap could help reduce U.S. steel emissions by mid-century. In our primary decarbonization pathway, we find that nearly all of the conventional fossil-based steelmaking capacity is fully integrated with CCS by 2050. However, without CCS availability, almost all of the conventional fossil-based steelmaking is phased-out by 2050 and is replaced by hydrogen-based production. Scrap-based production continues to remain vital across both of these decarbonization pathways. Furthermore, we find that demand reduction could help reduce the required levels of CCS and hydrogen-based production in the decarbonization pathways. Implementation of advanced energy efficiency measures could help substantially reduce the sector's energy usage. Finally, we observe that addressing the embodied carbon transfer associated with steel imports will be crucial for fully decarbonizing the U.S. steel sector.

Carbon border adjustment mechanism, carbon pricing, and within-sector shifts: A partial equilibrium approach to Vietnam's steel sector

Carbon pricing has recently gained further momentum from the European Union (EU)'s plan for the Carbon Border Adjustment Mechanism (CBAM). The CBAM aims to align the greenhouse gas (GHG) emission costs in imported products with those within the EU. CBAM will affect foreign producers in targeted sectors, incentivizing them to employ low-emission technology, and encouraging trading partners to implement carbon pricing akin to the EU's. Our study assesses the potential impact of the CBAM and Vietnam's carbon pricing on the country's steel sector, using a multi-technology, multi-trade-partner partial equilibrium model. The results suggest that the CBAM could significantly reduce Vietnam's steel exports to the EU while it is not sufficient to significantly shift production from high-emission to low-emission steel production. However, CBAM may nudge Vietnam's carbon pricing, which can drive a substantial transition from high-emission to low-emission production and accelerate the transition to clean energy, depending on the level of carbon price. Our study results provide important insights for energy and climate policy discussions in relation to carbon border adjustment mechanisms and carbon pricing.

Circular Steel for Fast Decarbonization: Thermodynamics, Kinetics, and Microstructure Behind Upcycling Scrap into High-Performance Sheet Steel

Steel production accounts for approximately 8% of all global CO2 emissions, with the primary steelmaking route using iron ores contributing approximately 80% of those emissions, mainly due to the use of fossil-based reductants and fuel. Hydrogen-based reduction of iron oxide is an alternative for primary synthesis. However, to counteract global warming, decarbonization of the steel sector must proceed much faster than the ongoing transition kinetics in primary steelmaking. Insufficient supply of green hydrogen is a particular bottleneck. Realizing a higher fraction of secondary steelmaking is thus gaining momentum as a sustainable alternative to primary production. Steel production from scrap is well established for long products (rails, bars, wire), but there are two main challenges. First, there is not sufficient scrap available to satisfy market needs. Today, only one-third of global steel demand can be met by secondary metallurgy using scrap since many steel products have a lifetime of several decades. However, scrap availability will increase to about two-thirds of total demand by 2050 such that this sector will grow massively in the next decades. Second, scrap is often too contaminated to produce high-performance sheet steels. This is a serious obstacle because advanced products demand explicit low-tolerance specifications for safety-critical and high-strength steels, such as for electric vehicles, energy conversion and grids, high-speed trains, sustainable buildings, and infrastructure. Therefore, we review the metallurgical and microstructural challenges and opportunities for producing high-performance sheet steels via secondary synthesis. Focus is placed on the thermodynamic, kinetic, chemical, and microstructural fundamentals as well as the effects of scrap-related impurities on steel properties.

Decarbonization in the European steel industry: Strategies, risks, and commitments

This paper investigates the challenge of decarbonizing the steel industry, a pillar of the global economy but also a major carbon emitter. Analyzing current decarbonization strategies, their effectiveness, and the role of corporate commitment and risk management offers insights needed to identify development paths in the current environment characterized by pressure driven by stringent environmental standards and fierce competition. An empirical approach, including a survey model and simulation, is used to answer prominent research questions. Aspects such as the influence of environmental and governance criteria, specific initiatives that can be undertaken, the importance of corporate commitment, and the integration of risk management into strategic planning are examined. Simulations suggest that the probability of meeting the 2030 goals range from 65.08 to 75.98 percent and the delta between low and high commitment ranges from 4.917 to 4.133 percent according to the share of renewables in the energy mix decarbonization. The influence of the energy mix is also included in the analysis. The research highlights the need for greater coordination and commitment across the industry to improve decarbonization efforts. It emphasizes the critical role of government policies and market dynamics in shaping industry actions toward achieving decarbonization goals. The findings contribute to understanding decarbonization processes, offering insights and guidance for the steel sector's transition to a low-carbon economy.

Renewable Electricity and Green Hydrogen Integration for Decarbonization of “Hard-to-Abate” Industrial Sectors

This paper investigates hydrogen’s potential to accelerate the energy transition in hard-to-abate sectors, such as steel, petrochemicals, glass, cement, and paper. The goal is to assess how hydrogen, produced from renewable sources, can foster both industrial decarbonization and the expansion of renewable energy installations, especially solar and wind. Hydrogen’s dual role as a fuel and a chemical agent for process innovation is explored, with a focus on its ability to enhance energy efficiency and reduce CO2 emissions. Integrating hydrogen with continuous industrial processes minimizes the need for energy storage, making it a more efficient solution. Advances in electrolysis, achieving efficiencies up to 60%, and storage methods, consuming about 10% of stored energy for compression, are discussed. Specifically, in the steel sector, hydrogen can replace carbon as a reductant in the direct reduced iron (DRI) process, which accounts for around 7% of global steel production. A next-generation DRI plant producing one million tons of steel annually would require approximately 3200 MW of photovoltaic capacity to integrate hydrogen effectively. This study also discusses hydrogen’s role as a co-fuel in steel furnaces. Quantitative analyses show that to support typical industrial plants, hydrogen facilities of several hundred to a few thousand MW are necessary. “Virtual” power plants integrating with both the electrical grid and energy-intensive systems are proposed highlighting hydrogen’s critical role in industrial decarbonization and renewable energy growth.

Data-driven robust optimization for a sustainable steel supply chain network design: Toward the circular economy

Steel is the indispensable cornerstone of modern life and its remarkable strength and adaptability render it a fundamental pillar of worldwide advancement and economic growth. However, the steel sector faces significant challenges, including the need to incorporate sustainable practices and circular economy principles, especially enhancing occupational safety, optimizing water and energy resource utilization, and effectively utilizing by-products within the steel supply chains. This paper addresses these gaps by presenting a bi-objective data-driven optimization model formulated to design a sustainable forward-reverse steel supply chain network. Sustainable development is studied by examining total cost, occupational safety, and environmental impacts of water and energy consumption and transportation system, concurrently. Incorporating circular economy principles, the collection of steel scrap under take-back policies and utilizing steel slag, a by-product of steel production, is considered. To address uncertainties, a data-driven robust optimization method is employed which harnesses historical data to construct a dynamic uncertainty set using support vector clustering. The model is applied to a real case study in the Iranian steel sector. Results demonstrate the effectiveness and robustness of the proposed method, showing that, on average, a 5 % increase in costs correlates with a 7 % improvement in environmental impacts.

Circular Economy in the steel sector: future trends and challenges in Brazil

Purpose: Examine the role of the circular economy in the steel sector, highlighting trends and challenges faced in its transition to a more sustainable practices. Methodology/approach: This research is centered on a qualitative analysis of the steel production chain in Brazil. Information was gathered using in-depth interviews and was examined through an abductive approach involving purposive sampling. Originality/relevance: This study highlights the main trends, examines the challenges, and outlines the best practices within the Brazilian industry steel sector, framed within the context of the circular economy. Key findings: The results show that Brazil is aligned with global sustainability and circularity trends in the steel industry, albeit with particular challenges. Theoretical/methodological contributions: The findings of this investigation are intended to establish a basis for mapping out the trends in Brazil's steel industry by 2035.

Decarbonizing rotary kiln–induction furnace based sponge iron production

The direct carbon dioxide (CO2) emissions from the iron and steel sector are nearly 7 % of the global CO2 emissions from energy use. India is the world's second-largest producer of steel and the largest sponge iron producer. India produces one-third of the global sponge iron, mostly from rotary kilns using coal as an energy source, resulting in higher energy and emission intensities than the global average. This study evaluates major options for CO2 abatement in the rotary kiln–induction furnace process for steel production. Based on the mass and energy balances of a typical sponge iron plant, this study evaluates the techno-economic potential of nine major decarbonization measures. The proposed decarbonization measures include improved energy efficiency, improved material efficiency, renewable energy use, and fuel substitution. Marginal abatement and green premium curves are generated by incorporating the dependency of different measures. Depending upon the set of options chosen, carbon abatement is in the range of 55.8 %–99.2 %. It is observed that 11.5 %–20.6 % of decarbonization potential can be achieved without any additional cost to the customer. These findings are insightful for policymakers and industry stakeholders and provide a foundation for designing and implementing a net-zero pathway for the sector.

Advancing sustainability in the steel industry: the key role of the triple helix sectors.

The steel industry, crucial to the global economy, grapples with critical sustainable challenges, including high energy consumption, greenhouse gas emissions, and non-renewable resource utilization, making sustainability imperative for upholding its economic role without compromising the planet or societal well-being. This study proposes a framework aimed at advancing sustainability in the steel industry through the articulation of the triple helix sectors (university, industry, and government). Based on the integrative review scientific method, systematic selection, interpretation, and synthesis of information from various sources were carried out to map a technical-scientific scenario of sustainability in the steel industry. This scenario informed benchmarking which, in light of the scientific theory and the authors' expertise, enabled the proposition of customized actions aimed at the triple helix actors. The main theoretical-scientific contribution lies in deepening and expanding the knowledge that connects sustainability to the steel industry, thus reinforcing the basis for future research and empirical studies. As for the managerial-applied contribution, this work can guide universities in developing sustainable projects and establishing industrial partnerships; steel companies benefit from the best practices and technologies, while also achieving regulatory compliance; and governments can promote public policies that boost sustainability in the steel sector.

Iron Oxide Direct Reduction and Iron Nitride Formation Using Ammonia: Review and Thermodynamic Analysis

The steel industry is one of the main contributors to global greenhouse gas emissions, responsible for about 7 to 9% of the world’s total output. The steel sector is under pressure to move toward net-zero emissions by reducing its consumption of coke as the main method of reducing iron-rich feed materials to iron. Due to its well-developed synthesis process, high supply chain, straightforward handling technologies, and highly developed long-standing infrastructure, ammonia has the potential to become a replacement for coke as a future iron ore reductant. This work reviews previous research on ammonia direct reduction of iron oxides and the possible formation of iron nitrides. A thermodynamic assessment using FactSage 8.2 thermochemical software was carried out examining the behavior of ammonia gas as the reductant upon heating, detailed evaluations of the stable phases present under different reaction conditions and using different feed materials, and the formation and stability of iron nitride phases. The results suggest that the reduction of hematite with ammonia occurs in two steps below 570 °C and three steps above 570 °C. The ratio of Fe2O3/NH3 was predicted to affect the reduction reactions by promoting a greater reduction degree and simultaneously lowering the initial temperature needed for reduction, while the excess gas concentration can suppress FeO formation. A predominance area diagram was developed showing the main areas of stable phases as a function of the partial pressure of NH3 and temperature. The formation of iron nitrides during the process was predicted and these were not expected to cause issues for the formation of iron due to their instability under the conditions studied. This analysis can be used to inform further experimental studies regarding ammonia reduction of iron oxide.Graphical

Enhancing global supply chain distribution resilience through digitalization: Insights from natural resource sector of China

The steel industry, a cornerstone of the global economy, is linked to the extraction of iron ore and natural resources, serving as a critical driver of mining activities worldwide. This interdependence underscores its reliance on natural environment for raw materials and also highlights the significant environmental footprint associated with these extraction processes. Supply chains of this sector face unique challenges and opportunities in the digital age, where the integration of innovative technologies can lead to enhanced efficiency, transparency, and resilience. This study aims to explore the role of digitalization in strengthening the resilience of global supply chains, with a particular focus on the steel industry. It also investigates the influence of green policies as a potential moderating factor on the impact of digitalization on supply chain resilience. Focusing on steel sector of China, this research derives insights from data collected from 179 experts in the field, employing Partial Least Squares Structural Equation Modelling (PLS-SEM) for analysis. Our key findings reveal that digitalization can profoundly enhance global supply chain distribution resilience. This includes improvements in operational efficiency, risk management, and adaptability to market fluctuations and geopolitical tensions. Digital tools and platforms enable real-time monitoring, predictive analytics, and enhanced communication across the supply chain, contributing to more robust and responsive operations. However, contrary to initial hypotheses, the study finds that green policies do not significantly moderate the relationship between digitalization and supply chain resilience. This suggests that while environmental regulations are crucial for sustainable development, their direct impact on enhancing the resilience of supply chains through digital means is limited. The implications highlight that for the steel sector, digitalization can play critical role in achieving greater global supply chain distribution resilience. This calls for increased investment in digital infrastructure and capabilities, alongside a strategic focus on integrating digital technologies across supply chain operations. Additionally, the findings prompt a re-evaluation of green policies, suggesting that while they are essential for sustainability, their role in facilitating supply chain resilience through digitalization may require further exploration and innovative approaches.

A Critical Examination and Scrutiny between Tata Steels and JSW Steels Limited in India

Abstract: Over the past few years, the Indian steel sector has advanced quickly thanks to solid foundations. The industry is receiving all of the necessary components needed for rapid expansion. The industry is receiving billions of dollars in investments from the private sector and advantageous industrial changes from the government. Due to the robust domestic demand from the building, automotive, and infrastructure sectors, the industry was able to maintain its positive growth momentum even during the difficult economic downturn. With a stellar history, the nation is now well-known in the global steel sector. The remarkable performance of the industry has attracted global steel companies from all over the world. For instance, India's production of crude steel reached 56.6 million metric tonnes in 2009, a modest year-over-year increase of 2.7%. Conversely, a number of Asian nations, including South Korea and Japan, experienced a sharp drop in their production levels. This further demonstrates the Indian steel industry's robustness and resilience against outside risk factors. The impact of the steel industry on two significant businesses, Tata Steels and JSW Steels, is discussed in this essay. Additionally, the author has attempted to use ratio analysis in the study to highlight Tata Steels' and JSW Steels' financial performance.