The iron and steel industry is one of India's oldest and most important industries. Tata Iron and Steel Company (TISCO), established in 1907, was the beginning of the modern iron and steel industry in India. After independence, the industry was developed through five-year plans, which established large plants with foreign assistance. In 1974, Steel Authority of India Limited (SAIL) was formed by the government to further develop the industry. While production has increased over the decades, the industry still faces issues like lack of metallurgical coal, technical knowledge, and inefficiency in some public sector units.