India to become 2nd largest steel producing nation by 2012

Steel Minister Virbhadra Singh said India is expected to become the second largest steel producing nation by 2012 with a targeted production capacity of 120 million tonnes. Mr. Singh said in 2009-10, the steel sector was able to make a recovery after the sluggish growth on account of global downturn and adverse market condition of 2008-09. The resurgence in automotive appliances, capital goods and construction sectors has directly contributed to this positive performance. During the year, the industry achieved a total capacity utilisation of 88.9% showing increase in production of crude steel by 10.7% and finished steel by 4.4%, as well as consumption by 7.9%. The year 2010-11 has begun on a note of optimism for the steel sector and especially for the major PSUs under the Ministry's administrative control like SAIL, RINL and NMDC Ltd, he added.Nike Series