This paper will focus on the prospectus and problems faced by the steel industry and will represent some of the suggestions to overcome the problems faced by steel industry mainly in India. In this paper the effects of various factors affecting on the usage of the steel will be discussed in brief. This paper will also present the production and consumption of the steel in India as well as of the globe from the year 2000 to 2018. Since the beginning so many changes had been occurred in the steel industry, it has been developing constantly. At present steel has become a vital part of life of human being as steel is being used at every footsteps of the human being.