Indian steel industry will grow three folds in next 10 years, Sajjan Jindal says

 Indian steel industry is predicted to grow three folds in the next 10 years - from a capacity of 110 million tonnes (MT) this year to 300MT in 2025, said chairman and managing director of JSW Steel Ltd Sajjan Jindal on Friday Stock Market Trading Tips

The rising number of infrastructure and developmental projects have kept the demand for steel in the country rising, said Jindal during the inauguration of the international conference on global challenges and opportunities in steel industry organized by the Steel Authority of India Limited, Indian Institute of Metals and PSG College of Technology in Coimbatore. 

In 2014, the capacity of steel production in the country was around 85MT and it increased to 110MT this year. "If our gross domestic product continues to grow at 8-9% every year, then we will be able to increase our capacity to 300MT by 2025. If not 300, at least 250MT," he said. 

Speaking about the Chinese market, Jindal said due to the economic slowdown in China, the steel exports from the country had risen tremendously Himanshu Tiwari Astrologer Blog

"China is export in excess of 10MT steel every month," said Jindal. 

In China, steel is a byproduct of electricity, steam or other products. "Steel productions are owned by provincial governments or municipalities. So, China cannot afford to stop steel production as it will affect its basic requirements," Jindal said. 

China is overproducing steel, and due to the economic slowdown, it is selling steel at less than the production cost. "This has impacted the global market too. However, we will continue to grow as we are in the phase of development," said Jindal. 

He said that despite China trying to export its steel at low prices, India should concentrate on developing its own industry Indian stock market astrology prediction

"We do not want to see a day when we will have to buy steel from China in order to develop our country. We have, in a presentation to the Centre showed that the Indian industry has the potential to be competitive globally," Jindal said. 

"Indian steel market is among the top five markets in the world. To help this growth, India has to increase the size of steel plants and blast furnaces. Steel industries should have a minimum production of 5MT," Jindal said.