“If you look at steel consumption, the future growth will be in China and India,” said Richard Brakenhoff, an analyst at Rabobank NV in Amsterdam.
“We are focusing on India and China, and India is important for us to remain the biggest steel company”, said L. N. Mittal after meeting Orissa chief minister Naveen Patnaik.
Mittal expects India’s steel demand to grow at an average of 7.3 percent a year over the 10-year period and China’s to expand 6.9 percent. Europe’s steel demand will only average 1.9 percent a year, North America’s 1.8 percent a year and Japan at 1 percent a year, Mittal said in a presentation on March 9.
This growth rate is luring the big steel giants to set up huge projects.
Tata, Posco and Mittal are setting giant projects in Orissa.
“Tata Steel plans to increase its capacity to atleast 30 million tonnes in the next 10 years.”(Business Telegraph)
In my opinion, looking to the robust growth in the automobile sector and global outsourcing for components by the automobile giants, the demand for our product, i.e. Steel Strips will grow by at least 10% per annum. The demand for Spring Steel Strip is on a constant rise.
This robust growth scenario, makes me feel that there is no looking back for the Indian Steel Industry, in the times to come.