Indian Steel production capacity grows to 116.74MT in April-Dec 2015-16


India's Steel production capacity has been growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2012-13 to 2014-15 and the trend is likely to continue in 2015-16 and increase thereafter, Steel Minister said in Rajayasabha on Wednesday.

India’s crude steel production capacity was 109.85 million tonnes in 2014-15 and at 116.74 million tonnes in April-December, 2015-16 (provisional), said Narendra Singh Tomar, Steel Minister, quoting the data from JPC. India is the 3rd largest crude steel producer in the world in 2015 as per provisional rankings released by the World Steel Association.

Jharkhand is an important steel producing state in India and will continue to show strong growth in this sector in the future, the Minister said. SAIL has a proposal of investing more than Rs.19,000 crore in Jharkhand on modernization of Bokaro Steel Plant, expansion of Gua and Chiria mines etc. 

Further, Government of India, NMDC (a Central Public Sector Enterprise under Ministry of Steel) and Government of Jharkhand have also signed an Memorandum of Understanding (MoU) to set up a 3 Million Ton Per Annum (MTPA) green field steel plant through a Special Purpose Vehicle (SPV) in Jharkhand at an estimated cost of Rs 18,000 crore.

Source: Commodity Online

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