An Introduction to Inventory Management with reference to Bokaro Steel Plant

ABSTRACT This paper includes introduction of Inventory Management along with the practices of Inventory Management in SAILBokaro Steel Plant (BSL) in order to analyze role of different types of inventories towards different sources to maintain their position in the steel market, to find out the practices of maintaining inventories and to study the techniques of controlling inventory, to meet the demand so that production & turnover are smooth. Nowadays steel industries is even more dynamic than it was not a decade ago. In BSL 80% of coal is being imported from abroad because of its good quality ,it is further converted into Coke by heating in coke oven plant as it is one of the major raw material in formation of steel and it cost high to firm & require proper maintenance. 60% of sales is used in purchase of raw material, which incurred high expenditure. In India for exporting of semi/finished goods, excise duty is not levied in order to attract exporter results in foreign exchange This study will also be helpful for the company's future strategy's point of view. Company can quickly take required steps to rectify the existing problems and enhance its performance.