300-mt Steel by 2025

The Prime Minister has suggested setting up of an ambitious target of achieving 300 million tonnes of steel production by 2025. Currently, steel production in the country stands at 90 million tones. This was disclosed at the recent 7th India Steel Summit 2013. At the Summit the steel industry made an urgent appeal to the government to make industry friendly policies for the steel sector so as to achieve the target set by the Prime Minister. Speaking at the Summit, Sail chairman emphasized that timely renewal of mining leases will ensure availability of raw materials, which at present is proving to be quite difficult. At the Summit a slew of new initiatives were highlighted to generate demand for steel over the next couple of months. Already there are trends to promote steel consumption in the rural sector and in response to this steel producers are deploying aggressive market strategies. Among those trying to buttress their presence in the rural market are Essar Steel, Rashtriya Ispat, JSW Steel Tata Steel, Sail. In rural India, steel demand is strongest from the housing sector, where TMT rebars find wide application. Rural customers have become quality conscious and know well where to look for quality steel products. Therefore, the steel companies need to give a mega retail push to tap steel demand in rural market was the call made at the 7th Steel Summit.