Tata Steel to pursue growth in Asia

"Steel plants are being closed or moth-balled to conserve costs and to control over-supply," chairman Ratan Tata said in a statement in the company's annual report, referring the fall in steel consumption in the West.

"By contrast, the demand for steel is still buoyant in Asia and Africa where growth rates and investment levels are higher than the West and where new sources of iron ore and coking coal are being developed," he said.

Tata steel is planning to set up a plant in Vietnam. The company has operations in China and Thailand.

Steel demand in India is expected to grow manifold given the significant need for infrastructure and increasing urbanisation.