Indian steel output to triple by 2020
India has recently established a long-term goal of raising crude steel production to 100MT per year by 2020, GFMS said.
By PTI |
NEW DELHI: Country's steel industry is poised for significant growth and is being hailed as the next China in the segment with a sharp jump in its crude steel production to 100 million tonnes per year by 2020, a UK-based metal consultancy firm said.
India is now being hailed as the new China of the steel industry, where crude steel production soared from less than 100 MT in 1995 to more than 330 MT in 2005, according to a new report titled "Indian Steel: The Next China" from UK-based GFMS Metal Consultancy, which would be published next month.
Incidentally, it has been only a few years since the Indian steel industry was mired in over capacity, huge losses and a general depression, GFMS said.
However, robust consumption growth over the last two years has stimulated enormous expansion plans, facilitated by a relatively unexploited iron ore raw material base in the country, it added.
Indian crude steel production has registered a sharp rise of 16.7 per cent to 38.1 MT in 2005, from just 33 MT in 2004, the report said.
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While Indian crude steel output is starting from a much lower base and the economic steel-consuming structure of China is substantially different from India, the country has recently established a long-term goal of raising crude steel production to 100MT per year by 2020, GFMS said.Start a SIP with as low as ₹500 with ET Money App!
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