India to become 2nd largest steel maker
Sunday, 25 July 2010
NEW DELHI, July 24 (Commodity Online): India is expected to become the 2nd largest steel producing nation by 2012 with a targetted production capacity of 120 million tonnes. This was disclosed by Virbhadra Singh, Union Minister of Steel at the meeting of a consultative committee attached to his ministry.
Singh said that modernisation and expansion programmes of Steel Authority of India, Rashtriya Ispat Nigam Ltd are all in advanced stages of implementation.
The Union Minister for Steel, Virbhadra Singh said that India is expected to become the 2nd largest steel producing nation by 2012 with a targeted production capacity of 120 million tonnes.He said, India is the third largest producer of crude steel in the world, surpassing developed countries like USA and Russia.
The Minister said that Indian Steel Industry contributes to nearly two per cent of Gross Domestic Production and employs over 5 lakh people. Informing the Members, he said that the Steel sector continues to be one of the major contributors to national exchequer and in 2009-10 up to end of third quarter (April-December' 2009) the net profit earned by all the profit making PSUs taken together was to the tune of Rs. 8008.57 crore.
Virbhadra Singh said that in 2009-10, the Steel Sector was able to make a recovery after the sluggish growth on account of global downturn and adverse market condition of 2008-09. The resurgence in automotive appliances, capital goods and construction sectors have directly contributed to this positive performance. During the year, the industry achieved a total capacity utilisation of 88.9 per cent showing increase in production of crude steel (by 10.7 per cent) and finished steel (by 4.4 per cent) as well as consumption (by 7.9 per cent). The year 2010-11 has begun on a note of optimism for the steel sector and especially for the major PSUs under the Ministry's administrative control like SAIL, RINL and NMDC Ltd, he added.
Singh said that modernisation and expansion programmes of Steel Authority of India, Rashtriya Ispat Nigam Ltd are all in advanced stages of implementation.
The Union Minister for Steel, Virbhadra Singh said that India is expected to become the 2nd largest steel producing nation by 2012 with a targeted production capacity of 120 million tonnes.He said, India is the third largest producer of crude steel in the world, surpassing developed countries like USA and Russia.
The Minister said that Indian Steel Industry contributes to nearly two per cent of Gross Domestic Production and employs over 5 lakh people. Informing the Members, he said that the Steel sector continues to be one of the major contributors to national exchequer and in 2009-10 up to end of third quarter (April-December' 2009) the net profit earned by all the profit making PSUs taken together was to the tune of Rs. 8008.57 crore.
Virbhadra Singh said that in 2009-10, the Steel Sector was able to make a recovery after the sluggish growth on account of global downturn and adverse market condition of 2008-09. The resurgence in automotive appliances, capital goods and construction sectors have directly contributed to this positive performance. During the year, the industry achieved a total capacity utilisation of 88.9 per cent showing increase in production of crude steel (by 10.7 per cent) and finished steel (by 4.4 per cent) as well as consumption (by 7.9 per cent). The year 2010-11 has begun on a note of optimism for the steel sector and especially for the major PSUs under the Ministry's administrative control like SAIL, RINL and NMDC Ltd, he added.