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Tata Steel Chief Mr TV Narendran Highlghts Potential of Domestic Steel Market in India

Steel News - Published on Tue, 07 Jul 2020

Image Source: Tata Steel
Tata Steel’s CEO and Managing Director Mr TV Narendran, while speaking at a webinar series ‘India After COVID-19’ organised by IIM Indore and Free Press Journal, highlighted the potential of the domestic steel market in India. He said “Today, India is a 100-million-tonnes producer and consumer of steel. However, consumption is going to drop this year due to COVID-19. The potential for India is huge. The Indian government estimates steel consumption and production in India to be around 300 million tonnes in the next 10-15 years. This is possible if the government spends on infrastructure as per its plans. This is mainly because infrastructure is a steel-intensive industry. As per the government’s plan, there will be a lot of infrastructure spend and the consumption of steel will grow by 10 times in the next 10-15 years. So, that is where the potential of this industry lies.”

He also said “About three-four years back, China was dumping steel in India but today it is importing steel from India. The Indian steel industry is making money at those prices. Indian steel producers, not just Tata Steel, but JSW and others are seen as low-cost producers of steel in the world. Thus, most of the steel exported out of India has gone to China over the last three months. China's recovery rate post-COVID-19 has been much sharper than we had anticipated.”

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Posted By : Yogender Pancholi on Tue, 07 Jul 2020
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