Steel is one of the most important building materials in the world and India is one of the largest producers of steel globally. In India, there are two major public steel manufacturing units – Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL). Both these organizations are at the forefront of providing high-quality steel to the Indian economy and contribute significantly to the country’s growth.
As of February 1, 2023, SAIL has 65,898 contractual workers in its various plants and units, while RINL has 16,368 contractual workers. The contractual workers in these public sector units are compensated as per the provisions of the applicable statute and rules in case of the closing of the unit.
Over the past five years, no steel unit in India has shut down its operations. However, the process of closure of Visvesvaraya Iron & Steel Plant (VISP), a plant of SAIL, has been initiated in the current financial year. The compensation for the workers in VISP will be provided as per the provisions of the law.
SAIL and RINL are the backbone of India’s steel production and play a crucial role in the development of the country. With a large number of contractual workers and a stable operation over the last five years, these organizations are well-equipped to continue providing quality steel to India in the years to come.