Expansion plans
The competition between the two largest steelmakers in the country, however, extends to beyond a year or two. Both companies have lined up ambitious expansion plans.
JSW Steel plans to increase its capacity by nearly 40 percent in two years, taking its volume to 24.7 million tons by 2020.
The company's capacity could even reach the 40-million-ton mark in another three years, as it plans to further expand capacity at its facilities at Vijayanagar in Karnataka, and has drawn up a plan to set up a new facility in Odisha.
But given the challenges in setting up greenfield facilities in India, it would be prudent to not count the proposed new plant.
Tata Steel has also announced plans to expand its capacity to 26 million tons a year by 2022, not including the capacity addition on account of the Bhushan Steel acquisition.
Domestic market
It is not just the competition that is pushing Tata Steel and JSW Steel to spend thousands of crores of rupees to expand capacity. The two companies are banking on the promise being shown by the Indian industry.
India's total domestic steel manufacturing capacity currently stands at around 120 million tons a year, which is expected to more than double to 300 million tons a year by 2030.
Even if one goes by the more conservative estimates of 250 million tons a year, the country would need many more steel plants to meet the rising demand.
Interestingly, Tata Steel and JSW Steel may face some competition from Steel Authority of India (SAIL). The state-owned steelmaker may finally complete its oft-delayed expansion programme within the next two years.
When the expansion gets completed, SAIL's capacity will be around 21 million tons a year, which will propel the company ahead in the race to the top of the pecking order.
The favourites, however, are still Tata Steel and JSW Steel.
International shores
Interestingly, even as one is making further inroads in the global market, the other is shedding its international baggage.
JSW Steel recently announced the acquisition of Aferpi, the second largest steelmaker in Italy. It is also adding capacity at its plate mill in the US.
Tata Steel, on the other hand, is looking to focus on the domestic market, more than 10 years after it made bought UK-based steelmaker Corus. It is now in talks with Thyssenkrupp to merge much of its remaining units in Europe. Though the proposed merger is delayed, it is expected to be completed by the end of this year.
International plans aside, the big-wigs of the Indian steel industry will continue their focus on the domestic market.
But who will eventually take the crown, is a tough call.