The city gets its name from the Bokaro Steel Plant (BSL) which lies at the core of its economy. It's well aided by the new steel mill Electrosteel Castings Limited and power plants like Bokaro Power Supply Corporation Private Limited, a joint venture of Damodar Valley Corporation and BSL. Some big corporates are also setting up there industries here, such as - ArcelorMittal 12ml/t steel plant, Posco 3ml/t steel plant and SAIL greenfield steel plant of 12 ml/t are coming soon around the city. In the next five Bokaro alone contribute half of the steel production of the country. Apart from steel plants there are a Jaypee Cement Plant of 2.1 ml/t and a power plant of 1000 MW is also coming up.
Being an industrial area, agriculture has taken a back seat and is nothing worth mentioning except small amounts of paddy grown on the fringes of the city by the villagers.
SAIL
The economy of the Steel City is heavily depended on the steel plant which is the primary source of income for the employees. After the 2001 downturn, steel prices hardened due to a huge rise in consumption by China and India. This resulted in large profits by SAIL which crossed a record Rs 6000 crores (USD 1.3 Bn) by the end of FY' 06. It has maintained its profitability since then with a slight dip to Rs 4900 crores (USD 1 Bn) in 2011 due to unfavorable economic conditions of 2011.
Electrosteel Castings Limited
A Kolkata based water pipe manufacturer acquired 2,500 acres (10 km) of land 18 km from the city and has started its erection of its 2.2 MTPA steel plant. The company has invested close to Rs 80 Bn (USD 1.6 Bn) on this project which is operational from 2010. It is located near at Asanbani village under Sabra Panchayat.
