India likely to produce 243 MT steel by 2020 : Paswan

New Delhi, Jul 16 (UNI) Taking into account the investments being made in the steel sector, Steel Minister Ram Vilas Paswan today said the country's steel production capacity is likely to be 243 million tonnes by 2020.

''By 2012,it is estimated that India will have a steel production capacity of 124 Million Tonnes (MT) from the current level of 59 MT, and will be nearly 243 MT by 2020,'' Mr Paswan said while speaking at 'Indian Steel Conclave-2008: Building Capacities and Promoting Development'.

There are a large number of projects currently in the pipeline, including the major ones such as expansion plan of SAIL, RINL, Tata, Essar, JSW and JSPL. A number of greenfield projects at different stages are also progressing well, he noted, stressing the need for time bound completion of these projects.

The Minister also thanked producers for not increasing steel prices for last two and half months despite rising input costs.

He said the prices rose as much as 40 to 50 per cent between January and May this year, when Government had to step in for inflation management in the steel sector.

Besides, he also expressed hope that the major steel producers will continue to support the Government in managing the ongoing inflationary trend in the country.

UNI BKS SG ND1854