India’s leading steel manufacturing companies Steel Authority of India Ltd. (SAIL), RINL and NMDC will invest around $2.7 billion to increase steel production capacity to 35 million tons/year by 2012. Of the total amount, SAIL is expected to spend about $2.1 billion. RINL will double its production capacity to 6.2 million tons/year by 2012 and further to 8.5 million tons/year by 2013. NMDC is setting up a 3-million-ton/year steel mill in Chhattisgarh. RINL has also submitted a proposal to acquire the 1-million-ton/year Neelanchal steel mill in Orissa. SAIL is implementing a project to modernize its manufacturing capability from 15 million tons/year to 26.3 million tons/year by the end of 2012.
Indian’s national steel policy has set a target for steel production of 110 million tons/year by 2019-2020. Proposed and ongoing projects are expected to increase capability to 124 million tons/year by 2011-2012. India’s annual capacity could reach 293 million tons by 2020.
Indian Steelmakers to Invest Billions to Boost Capacity
June 30, 2009