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'India poised to become 2nd largest crude steel producer'

PW Bureau

The steel demand from infrastructure sector is expected to rise from 50 MT in 2015-2016 to 138 MT in 2030, while steel demand from automotive, engineering and transportation sectors is expected to triple by this time period, the minister said

New Delhi: India is on track to becoming the second largest producer of crude steel in the world in the coming years, Minister of State for Steel Vishnudeo Sai has said. While speaking at the India Steel conference 2019, Sai said that India is the only country in the world which has been registering positive growth in both production and demand for steel. He added that the steel demand from infrastructure sector is expected to rise from 50 MT in 2015-2016 to 138 MT in 2030, while steel demand from automotive, engineering and transportation sectors is expected to triple by this time period, an official release from the Ministry of Steel said.

Sai added that various factors such as stress on Make in India, urbanisation, growth of the manufacturing sector, GDP growth and infrastructure spending had created a favourable environment for the steel sector.

The three-day event, being organised by the Ministry of Steel, will help chart out the growth path of the steel industry.

On the potential of the country’s steel sector, the minister said that India needs to put an adequate focus on raw material availability, skilled manpower, competitive costs, and the strengths of the domestic market.

The three-day India Steel 2019 Exhibition and Conference is being held in Mumbai from January 22 to January 24. The three-day event, being organised by the Ministry of Steel, will help chart out the growth path of the steel industry. The event will witness the participation of the companies across the industrial spectrum ranging from MSMEs to the biggest names in the Indian and international steel sector. The event provides an opportunity for all the stakeholders to deliberate and identify ways to contribute towards building a robust roadmap for the growth of the steel sector.