Indian steel industry to miss capacity addition target for 2012

Global consultancy firm Ernst & Young said that India is expected to have an annual production capacity of only 101 million tonne by 2011-12...

Jharkhand  [India]

HomeNewsIndian steel industry to miss capacity addition target for 2012772

Global consultancy firm Ernst & Young said that India is expected to have an annual production capacity of only 101 million tonne by 2011-12 against the targeted 124 million tonne mainly due to regulatory delays and problems in acquiring land. According to an E&Y report titled Indian Steel Industry 2010, the country is likely to have an annual steel production capacity of 101.4 million tonnes by 2011-12. The government plans to lay an annual steel production line of 124 million tonnes by the terminal year of the current Five Year Plan 2011-12. The report compiled by E&Y partner Mr Navin Vohra said that "Most Greenfield projects announced by players like POSCO, Arcelor Mittal, Tata Steel and many others have been facing multiple regulatory issues in terms of land acquisition, relief and rehabilitation policies, etc. If these issues are not resolved at the earliest, the country might not be able to add the much needed flat steel production capacity thereby leading to the shortage of flat steel." The two mega steel projects, one each in Jharkhand and Orissa, proposed by Arcelor Mittal and entailing an estimated investment of INR 100,000 crore are facing inordinate delays to get started for over the past four years. Similarly, South Korean steel giant POSCO's INR 54,000 crore steel project in Orissa is also facing delays.

Global consultancy firm Ernst and Young, Indian Steel Industry, Annual Steel Production Capacity, Steel Production, Five Year Plan, Greenfield Projects, POSCO, Arcelor Mittal, Tata Steel, Jharkhand, Orissa

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