India's Steel Sector in Recovery Mode: Tata Steel CEO

SEATTLE (Scrap Monster): Commenting on Indian steel market, T.V.  Narendran, Chief Executive Officer and Managing Director of Tata Steel noted that the domestic steel sector in the country is still under recovery, following the Covid-19 pandemic. The steel demand in India is expected to witness growth, mainly driven by the government’s increased focus on infrastructure development projects.

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According to him, 2023 turned out to be a good year for the country’s steel sector, though it remained challenging for the global industry. The manner in which the country’s central bank successfully handled the micro-economy coupled with the heightened investments on various infrastructure projects has contributed well towards the recovery of domestic steel sector.  The steel demand witnessed growth by 10-12% in 2023 and the trends is expected to continue this year as well, he said.

In order to maintain its steel market share, Tata Steel needs to boost its capacity by approximately 1-2 million tonnes every year. Earlier, the company had announced plans to scale up its annual installed steel production capacity to around 40 million tonnes per annum (MTPA) by the end of the current decade. This is upon comparison with the current levels of around 22 MTPA.