India: ‘Steel industry witnessing rapid growth’

India: ‘Steel industry witnessing rapid growth’. Govt sets 100-mt production target by 2012-13. The steel industry in India is growing faster than the economic growth, according to a senior Steel Ministry official. The steel industries are growing at the rate of around 9-10 per cent while the country’s economic growth rate is around 8-9 per cent, the Additional Secretary in the Union Ministry of Steel, Mr S. Machendranath, said on Wednesday while inaugurating a three-day international seminar on ‘Mineral Processing Technology (MTP-2010)’ at National Metallurgical Laboratory. He said the country, which currently ranked fourth in steel production, produced 69 million tonnes of steel against the targeted capacity of 73 mt this year and it would likely to go up in the third quarter. The country has set a target to produce 100 mt by 2012-13 and 200 mt by 2020, he said emphasising the need to develop technology to improve the quality of minerals including iron ore and coal, as the import cost has been rising. He strongly advocated for a systematic approach for the sustainable growth of steel industries as the demand for mineral resources, including iron ore, would grow manifold with the expansion of steel sector. Appreciating the role of Indian Institute of Mineral Engineers (IIME) in the development of industrial sector in the country, Mr Machendranath stressed the need for research and development as well as to upgrade iron ore and minimise high ashes in coal.