JOIN USThe steel industries are growing at the rate of around 9-10 per cent while our economic growth rate is around 8-9 per cent, Additional Secretary in the Union Ministry of Steel, S Machendranath said here today while inaugurating a three-day International Seminar on "Mineral Processing Technology(MTP-2010) at National Metallurgical Laboratory (NML).
He said the country, which currently ranked fourth in steel production had produced 69 million tonne of steel against targeted capacity of 73 million tonne this year and it would likely to go up in the third quarter.
The country has set target to produce 100 million tonne of steel by 2012-13 and 200 million tones by 2020, Machendranath said emphasizing the need to develop technology to improve the quality of minerals including iron-ore and coal as import cost has been rising.
He strongly advocated for systematic approach for sustainable growth of steel industries in the country as the demand for mineral resources including iron ore would grow manifold with the expansion of steel sector.
Appreciating the role of Indian Institute of Mineral Engineers (IIME) in the development of Industrial sector in the country, Machendranath stressed the need for Research and Development as well as to upgrade iron-ore and minimize high ashes in coal.
He said the Steel Development Fund, which was meant for R and D as well as product and process development had funded for four schemes for the industry last year and would spent Rs 30 crores this year for eight schemes including minimizing the high ash in coal.
Later, talking to newsmen, Machendranath said the steel ministry has recommended for ban in the export of the iron ore from the country.
The fiscal barriers including increase in export duty would be fruitful in checking the export of the ore, he said adding that the country has exported about 4 million tones steel against 7.4 million tones import last year.
Claiming that the demand of steel will grow in the third quarter of the current fiscal, he said the market will decide about steel prices with the increasing demand of steel. Among others, A D Baijal, President of IIME and Director of NML, Jamshedpur, S Shrikant also spoke on the occasion.