India has become a net importer of steel for the first time.
As per FE report, while steel import jumped by around 46% during 2007-08, exports declined by 6%.
Tata Steel’s Managing Director, Mr.B.Muthuraman, said steel consumption would outstrip demand unless urgent steps are taken. According to him, steel consumption will rise by 8-10 mtpa every year for the next several years. Against this, a capacity of only 8-10 mtpa is scheduled to be added over the next five years.
Mr.Muthuraman said he expected India to be importing around 35 million tonne of steel in the next five years time(2013), which would double in the following five years (2018)
Source: Metcom Times, June 02-08,2008 Vol-1, Issue 8
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