India to be third largest steel maker by next year

Mumbai: India would become the third largest steel maker, with an installed capacity exceeding 110 million tonnes per annum (Mtpa) by next year when the ongoing expansion projects of SAIL and some private steel makers come on stream. This is in line with the Narendra Modi-led NDA government';s target of achieving steel-making capacity of 300 mtpa to make India the second largest producer of steel in the world by 2025, overtaking US, Japan and European Union.With the economy coming out of its worst slowdown in years, all major steel makers such as Tata Steel, JSW and SAIL have made detailed presentations to the government to add an additional 100 mtpa of steel-making capacity with an investment of over Rs 6 lakh crore ($100 billion) in just over 10 years.