Whether Technological Development and progress in Industrial Ecosystem can lead to sustainable Social Development: A Study in the Context of Indian Iron and Steel Industry

Metal processing technology, especially steel making technology is synonymous with the progress of human civilization in the last two millenniums. The phenomena observed in steel industry of few countries indicated that growth of steel industry which was aided by deployment of new technology, contributed to social value creation that has led to long term social upliftment. However the question remains that, once the industry attains maturity, what happens to social value creation and the long term sustainable social performance ? Data collected from three different firms of Indian iron and steel industry was analysed to understand this phenomena. It is observed that there is a significant relationship between a few variables of flexibility of steel making technology and social contribution rate which represents the social value created by firms in the “Indian Iron and Steel Industry (IISI) in their operational Ecosystem”. Also few variables exhibit no significant relationship between the flexibility of steel making technology and social contribution rate. Hence it can’t be inferred with certainty that a significant relationship exists between flexibility of technology and social value created by firms. This study can be further extended to develop a deeper understanding between social value creation and flexibility of technology. The outcome of this study can help firms in understanding the impact of their operation on the social Ecosystem in which they operate. Considering the focus of the companies to become responsible corporate citizens, companies can formulate their technology strategy to improve their long term social performance.