Inventory management involves the control of assets being produced for the aim of sale within the normal course of the company's operations. Inventories include raw materials inventory, add process inventory and finished goods inventory. The goal of effective inventory management is to reduce the whole costs direct and indirect that is related to holding inventories. However, the importance of inventory management to the corporate depends upon the extent of investment within the inventory. Steel and Iron Industry in India is on an upswing due to the strong global and domestic demand. India's rapid economic process and soaring demand by sectors like infrastructure, realty, and automobiles, at home and abroad, has put the Indian industry on the world map. Inventory management could be a simple concept-don’t have an excessive amount of stock and don’t have insufficient. Since there are often a considerable costs involved in staying above and below the optimal range, careful inventory management can make a large difference within the right balance is quite complex and time consuming task without the correct technology. As per the newest report by the International Iron and Steel Institute (IISI), India is that the tenth largest steel producer within the world. The aspire of the study is to look at the inventory management procedure and to differentiate the key factors that collision inventory management practices, explore the proficient and viable inventory management approaches. Inventory management could be a significant area of the developed industry. If the corporate fails to manage inventory, it'll face failure. It’s a challenge for the corporate to keep up a good inventory. There are different inventory management techniques available for maintaining a good inventory level within the company. The essential purpose of this text is to revise inventory management techniques employed in the industry and be told some methods for the event of the inventory management process of the concerned company.

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Keywords: Inventory Policy, Efficiency, Effectiveness, Optimization, Inventory Levels, Productivity.