Monday, April 04,
India will expand its steel production capacity by around 15%, or 12 million tons, this fiscal year to meet rising demand from infrastructure and automobile sectors, federal Steel Secretary P.K. Misra said today.*
The additional capacity will mainly come from expansion at the existing plants of state-run Steel Authority of India Ltd. and Rashtriya Ispat Nigam Ltd. as well as private-sector companies Essar Steel Ltd. and Bhushan Steel Ltd.
“Demand for steel is buoyant. It is expected to grow by at least 10% this fiscal year on robust consumption,” Misra said. He added that local prices are likely to remain steady over the next two to three months because of higher supply and an expected fall in input costs.
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