India to reach 100 mn tonne steel production by 2015: Jamshed J. Irani

"I think we are geared for that. By 2015, we should be reaching 100 million tonnes," he told reporters on the sidelines of a seminar 'CII National Conference on Leadership and Organisational Change'.

Irani's comment came when he was asked whether the target set by union Minister of Steel Virbhadra Singh to achieve 124 million tonnes by 2012 is possible.

He said the Tata Steel unit in Jamshedpur would be reaching 10 million tonnes capacity by the end of next year.

Talking about the steel industry, he said: "Steel is just now facing a problem due to over capacity in China and the raw material prices are falling."

"There is a problem in the market in the west... These are problems which are adding to the problems in the steel industry worldwide. India cannot be isolated. If we try to keep our prices high, low cost imports would come in from China or other places. Hence Indian prices are also down, hopefully it won't be prolonged."

Irani says he supports the view of foreign companies coming to India and setting up their steel manufacturing units here rather than importing raw materials from the country. "That will give jobs to our people by bringing their technology, capital. It will help India grow," he said.

He also supported the idea of banning iron ore exports countrywide saying: "It is very necessary." He feels raw materials should be consumed more domestically.