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  Business   Companies  24 May 2017  India eyes No. 2 spot in steel buseness

India eyes No. 2 spot in steel buseness

THE ASIAN AGE.
Published : May 24, 2017, 12:55 am IST
Updated : May 24, 2017, 12:55 am IST

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

Steel Minister Chaudhary Birender Singh
 Steel Minister Chaudhary Birender Singh

New Delhi: Steel minister Chaudhary Birender Singh on Tuesday expressed confidence that India would soon become the second largest steel producer in the world.

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

“In 2015, India became the third largest producer of crude steel in the world as against its 4th position in 2014. India left behind the US to attain this position. If you see what India produced last was 100 MT and Japan 104 MT. Soon we will be second largest steel producer in the world, said the minister during a press conference called on eve of  Modi government completing three years in power.

The minister said that in the last three years, there has been capacity addition at a steady CAGR of about 7 per cent.

He said that after many years India became a net exporter of steel in  2016-17, with 97 per cent increase in overall exports and a 37 per cent decline in imports of steel products.

Mr Singh said Indian government protected the interests of domestic producers by notifying trade remedial measures like minimum import price, anti-dumping duty and safeguard duty.

Tags: chaudhary birender singh, modi government, steel minister
Location: India, Delhi, New Delhi