Business - WRTG-2 Assignment - Essay Example

However, at the end of the day, one needs to work for the purpose of earning their livelihood. This is the reason why an individual gets paid for doing work. In simple words, work is defined as the process by which an individual accomplishes some activities against some financial offerings. Traditionally, there have been concepts that if one does not work, he/she may get indulged into some illegal activities. In that case work is important for every individual. Now, in the context of the study, I have been in the field of steel industry.

From the graduation days I have decided that I will be getting into a sector that has global opportunities. Also, I had a feeling that I should be working for an industry that offers continuous learning and allows me to showcase my talent. Hence, I decided to work for the steel industry. Steel industry has a worldwide scope. A large number of companies operate within the steel industry. However, the steel industry does not exist alone; it collectively exists with iron and is known as iron and steel industry.

Steel industry is also important for the economy of a country. It acts as an indicator of the national economy. The demand of steel is continuously rising. To cite an example, during the early 2000 the demand for steel increased by 6%. It is mainly due to the massive economic boom in countries such as India and China. Some of the evident players of the steel industry are Tata Steel, Shagang Group and Shanghai Baosteel Group Corporation. In the context of the steel manufacturing industry, it has a mixture of both skilled and unskilled labor force.

As the industry needs high precision in the tasks, skilled labors are important. The process of manufacturing steel is complex, and there are various scientific ways of production. The industry has a diverse group of workforce; starting from engineers, it has personnel from marketing, sales and other fields of business. However, the task of different departments differs accordingly. Discussion There are eminent personalities who work in the steel industry. Some of them include Ratan Tata, who is the owner of Tata Group and Tata Steel from India.

According to Ratan Tata, the demand of steel is hugely increasing in the western part of the world; therefore, the trade fall in the parts of Europe and US has diminished. However, he has also highlighted that steel is yet to get out of trouble. According to him, the financial crunch and high cost of raw material have severely affected the profit of the first quarter. Yet, the signals are encouraging, according to him. Also, according to Prasad Baji of Tata Steel, the industry is witnessing a booming period.

Consumption of steel has increased by 5–6 % in the 1st quarter; moreover, it is also estimated that the demand will further increase in the present quarter by about 8–10 % (“Steel Industry Thinks the Worst Is over and Signals Are Cheery”). Some of the other eminent personalities of this industry include Xu Lejiang, the chairman of Baosteel. According to him, the present situation of the Chinese steel industry is witnessing historic transformations. Nonetheless, in order to transform it for the betterment, it requires the transformation of both the steel and iron industries.

He also believes that the key factor towards the development of the industry lies in its system of operation. In addition, he stated that innovation in the most