Union steel minister offers to resign from Cabinet

The announcement was made by the minister and senior Haryana leader at his official residence in the national capital.

India's steel demand to grow by over 7 pc in 2019, 2020: Indian Steel Association

The association forecast that India's steel consumption is likely to cross 100 million tonnes mark in 2019.

The Union Cabinet is scheduled to consider the steel scrap policy later next week.

“It will have to focus on value addition and production as per country’s requirements,” according to an Assocham.

The country had exported 0.746 MT finished steel during the same month a year ago.

India exported less than 1 million tonnes of steel to the US in 2017.

Six guiding principles contained in progress report lay foundation for taking tangible policy actions to reduce excess steel capacity.

The minister had earlier said that steel PSUs are not holy cows and should step out of their comfort zone.

The minister pointed that India became second largest stainless steel producer in the world in 2016 leaving Japan behind.

Singh said India aims to take its steel production capacity to 300 MT by 2030-31 at a cost of Rs 10 lakh crore.