12-01-2018

India: ‘Steel exports should account for 6-7 per cent of production’

Union Steel Minister Birender Singh on Thursday said exports should account for 6-7 per cent of the country’s total steel production in the next few years. Currently, exports stand at 1.5 per cent of the country’s total steel production.

“In the last one year we have been able to reduce steel imports by nearly 40 per cent and have also become a net export country. In the next few years exports should be 6-7 per cent of total production,” Singh said at a special session organised by the Bharat Chamber of Commerce here on Thursday.

SCRAP AS RAW MATERIAL

Steel producers should use more scrap over coking coal and iron ore as raw material. According to Singh, legislation pertaining to scrapping of vehicles older than 15 years would provide the required amount of scrap for making steel.

“I hope this legislation will be passed in the Budget session of Parliament. This will give sufficient scrap for making steel. Scrap-based steel will be high quality,” he said.

Source: The Hindu Business Line

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