BusinessIndia

Steel industry growing; has overtaken Japan to become 2nd largest producer

New Delhi, Oct 22 (IEBusiness) The Indian steel industry’s production and consumption have witnessed rising trends with India overtaking Japan to become the second largest producer in the world.

Industry Secretary-General Bhaskar Chatterjee said in a statement here that the industry was fully in tune with the Centre’s vision of reaching a production capacity of 300 million tonnes an annum by 2030 as depicted in the national steel policy 2017.

Chatterjee said over the past couple of years, the industry has been building around 130 million tonnes per annum steelmaking capacity in April-December FY18, in expectation of a huge spurt in consumption.

Therefore, the first International Steel Conclave, hosted by Indian Steel Association and Messe Frankfurt India is being organised On October 25-26. It will be inaugurated and addressed by Union Steel Minister Chaudhary Birender Singh.

The Conclave will represent the entire cross-section and stakeholders of the industry at a common platform as they look to share their knowledge about the entire steel scenario- Indian and global perspectives, innovations, technology, future trends, the human face-CSR and sustainability as well as challenges and opportunities in international steel trade.

Around 200 high-profile delegates and speakers from the government, business and association sides will participate in the two-day conclave.

Dr Chatterjee said: “We are one of the few major economies where consumption has been growing. It is predicted that the Indian growth story will continue its upward trajectory in the coming years. Undoubtedly, India remains the brightest spot on the globe in terms of both production as well as consumption.”

According to JSW Steel and Group Joint Managing Director Mr Seshagiri Rao, JSW Steel has been implementing organic capacity expansion as well as participating in the ongoing bidding for stressed steel assets to make available steel to meet its growing domestic demand.

The Indian Steel Industry required hand-holding from the government in terms of policy calibration to enable access to natural resources and capital to achieve the goal of 300 MT steel capacity by 2030 as envisioned in the National Steel Policy.

Source
Via UNI-India
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