The country’s largest steel maker SAIL on Saturday said investments of over $200 billion would be needed to fructify the government’s dream of achieving a production level of 300 million tonnes by 2025, the target set by the high level committee on manufacturing for the steel industry.
But SAIL chairman CS Verma believes that to help the steel companies meet that number, the government will have to mitigate teething troubles such as land acquisition, ensure steady raw material supply and streamline environmental issues.
“Achieving this level of output would throw up opportunities as well as challenges,” Verma told this newspaper.
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While this would entail setting up of new plants and capacity expansion for the existing ones, it would also depend heavily on the growth of the infrastructure sector where steel products are extensively consumed.
Verma also said that the country may witness a “temporary phase” of oversupply, but this could be offset by a deeper penetration in rural areas, where the per capita steel consumption is currently around 12 kg.