The Thoughts of Vik Bansal on the Steel Industry
The COVID-19 pandemic has significantly pressured the global supply chains. The major factors that caused the heightened stress include increased demand, raw materials scarcity, and labor shortage. Consequently, many countries are rethinking their dependencies as they take steps towards normalcy. Although many people see weakness as generally bad, Vik Bansal, InfraBuild’s CEO, holds a different viewpoint. He advocates for recycling infrastructure in Australia. Consequently, Mr. Bansal has worked hard to empower the waste management sector. Similarly, he believes that Australia’s manufacturing sector can grow to reach self-sufficiency, although the industry seems to be ignored. The government of Australia introduced a $1.3 billion fund, Modern Manufacturing Initiative (MMI), aimed at boosting the manufacturing sector in the country. Mr. Vik Bansal hailed the initiative that it is a way that the government acknowledges the manufacturing sector’s role in the country. Consequently, a robust manufacturing sector creates many job opportunities that boost the revenue and living conditions of citizens. Besides, a quality manufacturing sector’s capacity builds an innovation culture and human capacities.
MMI can transform the steel industry. Consequently, the initiative is likely to benefit InfraBuild, Australia’s sole EAF steel recycler and manufacturer and recycler. The company employs low-carbon manufacturing technology when manufacturing steel, thus their trademark, GREENSTEEL. Besides, recycling and the use of electric arc furnaces aids in reducing pollution and energy need. Such initiatives by InfraBuild are helping in creating a sustainable and robust steel industry in the country.
Steel is central to the growth of any economy. Almost all essential infrastructure in schools, homes, hospitals, roads, and offices all need steel. Currently, above 100,000 citizens are employed in the steel industry. Besides, the steel industry creates other jobs indirectly. Bansal believes that the steel industry will help Australia’s economy recover from COVID-19 effects. Consequently, the government has put in place favorable policies to boost the sector.
Vik Bansal began his tenure as a managing director and CEO of Cleanaway in 2015. Previously he was a chief operating officer and president of Valmont industries. Besides, he holds a board member position at the National Waste and Recycling Industry Council (NWRIC). Vik has immense experience in the steel industry. Moreover, he has a rich record of leadership and performance. Interestingly, he has held top positions at Eaton Corporation and One Steel Limited, although now he is InfraBuild’s CEO.