India to increase annual steel production

Hot steel is manufactured at a Tokyo Steel Manufacturing Co. facility in this undated handout photograph, provided to the media on Friday, April 4, 2008. Tokyo Steel Manufacturing Co., Japan's biggest maker of steel girders, stopped exports because a strengthening yen and record raw material prices made overseas sales unprofitable. The shares declined. Source: Tokyo Steel Manufacturing Co. via Bloomberg News

Hot steel is manufactured at a Tokyo Steel Manufacturing Co. facility in this undated handout photograph, provided to the media on Friday, April 4, 2008. Tokyo Steel Manufacturing Co., Japan’s biggest maker of steel girders, stopped exports because a strengthening yen and record raw material prices made overseas sales unprofitable. The shares declined. Source: Tokyo Steel Manufacturing Co. via Bloomberg News

India is working hard to achieve its target of increasing the current annual steel production of 100 million tonnes by three times by 2025, The Hindu Business reports. Union Minister for Steel and Mines Narendra Singh Tomar has attended the National Metallurgists’ Day celebration and awards ceremony organised by the India Institute of Metals held on Saturday at Coimbatore, Tamil Nadu, added that he expects the country to climb to the second place in steel production from the third position.

The steel industry worldwide is undergoing a crisis due to cheap imports from China, which has led several Indian steel making companies to cut production in the year. Earlier this year, Tata Steel had expressed concerns about rising steel imports from China, which only grew to worsen after China devalued its currency to make its exports more competitive. China’s economy has been slowing, with India’s annual rate of growth surpassing China’s in the last quarter. In the wake of a slowing economy, the country devalued its currency in three successive tranches to give a push to its exports.

Tata Steel had said that continued steel import from China may prove detrimental to domestic production as well as to the ‘Make in India’ concept. Tata Steel Managing Director, India and South East Asia, TV Narendran had expressed apprehension that import of steel from China may prove detrimental to the Indian production, particularly to the concept of Make in India.

“Whether it be raw material security, dumping, excessive imports, corrective steps have been taken to improve the situation. We are keeping (a) constant vigil on the developing scenario, and shall take appropriate steps as and when necessitated,” he said.

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