5-Sep-2013
India could become the second greatest world producer of steel by 2015 or 2016, according to a report from the multinational professional services firm Ernst and Young, published today by local media. The South Asian nation is currently in fourth place in that area, but could surpass Japan and the United States to take second position, following China, the leader in that sphere by a wide margin, the company said.
Agreeing with that prediction, Sminu Jindal, General Manager of Jindal SAW Ltd, India's largest steel conglomerate, said increasing development of infrastructure and great internal demand in recent years has helped the sector grow by leaps and bounds.
According to estimates from the Indian Planning Commission, steel orders over the next five years will increase to 40 million tons for infrastructure alone.
The World Steel Association (WSA) expects that general internal demand will increase 5.9 percent in the current year and up to seven percent in 2014.
Jindal recalled that in recent years, most great steel producers worldwide have reduced their production and closed plants, due to decreased demand, while the sector in India has been the target of huge investment, including from abroad.
Source:- plenglish.com
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