In a global manufacturing scenario marked by unpredictable market conditions, intense competition, rising demand for high quality products, and ever-increasing customer expectations on cost reduction, the need for achieving manufacturing excellence is stronger than ever. Manufacturing industries are constantly exploring new initiatives and technologies not only to remain competitive, but also to sustain their growth and face challenges. In his regard, the metal industry plays an important role in an economy because of its influence and application in a number of sectors such as infrastructure, automotive, electronics, chemical, engineering, agriculture, medical, defense, aerospace and other manufacturing sectors. Since metals form the base raw materials for most products and equipment, it is obvious that any cost benefit that accrues to this sector will have a cascading effect on consumer prices.
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