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India to be the bright spot for the global Steel production

India to be the bright spot for the global Steel production
Issue Time:2017-06-09

INDIA June 08 2017 4:41 PM

MUMBAI (Scrap Register): With the increased capacity and demand from the construction, automotive and infra sectors India is termed as the bright spot for the global steel production.

BMI research, a fitch group company quoted "The government has been spearheading the push towards the boost in steel production capacity, with upgrades being made to existing steel mills and state-owned companies stepping in to build new steel plants".

The steel production growth is expected to grow on the back of companies like SAIL and TATA Steel. The latter which aims to boost sales in the automotive segment with the migration of production towards higher-end steel products. 

India's steel output is expected to grow from 88.4 million tonnes in 2017 to 128.6 million tons by 2021. It is also believed that India's share in global steel production will increase to 7.7 percent in 2021 from 5.4 percent in 2017.