Steel Output in India to Witness Two-Fold Surge in 8 Years

SEATTLE (Scrap Monster): The country’s steel production is set to double from the current level of 120 million tonnes to around 240 million tonnes in the next eight years, said the newly appointed Union Steel Minister Jyotiraditya Scindia. Furthermore, the minister highlighted the crucial and significant role played by steel in shaping the country’s economy in the forthcoming years.

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The minister noted that the middle as well as small scale industries play a major role in the country’s emerging steel sector. The nearly 3,000 units belonging to this category account for up to 52% of the total steel production in the country. The medium and small industries will be taken along with the large units, in order to ensure enhanced steel production. Like any other country, the domestic steel industry is expected to make important contribution to the country’s economic development, he added.

Scindia, who commented on the major role played by steel in industries such as construction and automobiles, said that further comments will be made only after gaining a thorough understanding of the ministry and the sector. The matter will be discussed with subject experts, the minister said.