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Steel cos hopeful of 300 million tonne production aim by 2030

Shyam Steel Director Manish Beriwala, not undermining the potential of the steel sector, highlighted concerns about capital costs that is the "highest in India", and the need for funds at competitive rates.

November 28, 2019 / 10:11 PM IST

Steel makers on November 28 expressed hope that the sector will achieve the target of 300 million tonne production by 2030, if certain impediments on raw materials, finance and logistics are addressed.

"I am confident that India will achieve the aim by 2030. Domestic demand will grow... India will become exporters of steel," Steel Authority of India's Bhilai plant CEO Anirban Dasgupta said.

He was speaking at a steel seminar on 'Roadmap for 300 Million Tonne Vision 2020' here.

Shyam Steel Director Manish Beriwala, not undermining the potential of the steel sector, highlighted concerns about capital costs that is the "highest in India", and the need for funds at competitive rates.

The country requires about Rs 13 lakh crore and 600 million tonne of raw material to meet the target, said Harvinder Singh, president and SBU head - Sales & Marketing, Jindal Steel & Power Ltd.

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Beriwala said the government should focus on inland waterways, as well as the National Mineral Policy and National Steel Policy to ensure availability of raw material at an affordable price.

West Bengal Governor Jagdeep Dhankhar, who was also present at the event, said he was confident that the Indian steel industry will achieve the target.

Dasgupta added that SAIL is poised to ramp up its capacity to 50 million tonne from the existing 20 million tonne.
PTI
first published: Nov 28, 2019 10:00 pm

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