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India’s steel industry is out of stress as steel exports up by 57%: Steel Minister

Indias steel industry

India’s steel exports have increased by 57%, said by the government in a statement told in Rajya Sabha imports have decreased by 34%. This means the stress period for the steel industry is over. Chaudhary Birender Singh who is the Steel Minister told that now about 120 million tonnes is the steel output of India and the government wants to make it 300 million tonnes by 2030.

As there was a recession in the global steel sector and it had an impact on India as well, said by the steel minister. For more than three years, our steel industry was in stress. But in last six months, the situation has changed.

He also told, in a period of last six months, exports have gone up 57% and imports fell by 34% and it shows the steel output has increased by 15 lakh tonnes. By December 2017 the renovation and expansion are expected to get over that is being done at SAIL and RINL, and in coming six months would increase the capacity utilisation to 70%, he also told. For expanding and modernising SAIL, more than Rs.61500 crore had been put.

The modernization and expansion of Barring Bhilai work are still going on, said by the steel minister. By December, it is supposed to be complete. Be it in Bhilai, Rourkela or Bokaro, It takes the time to ramp up production. For complete ramp up, it takes 2¬3 years. 70 percent capacity utilisation, hopefully, will b achieved in the next six months, said by the steel minister.

As India is not at par with global standards, so plant efficiency improvement is necessary, said by the minister. Indian PSUs get 1.70 and private steel industries come at 2.1 whereas the global efficiency standard is 3 points.

High-end steel which is used in defence and other sectors, produced by the country as the country progressing, said by the minister. technology and equipment import supported by the government so as to promote the adoption and use of world-class technologies which will boost production of high-quality steel products and value added products that are competitive in prices.