As demand for steel grows in the coming years, India will have to increase steel production. India aims to produce between 180 and 190 million tonnes per year by 2030.
However, isolation from Covid-19 has sharply halted economic activity and slowed the growth of the steel industry due to weakening demand, it said.
“With demand expected to grow from 110 million tonnes in 2020 to about 230 million tonnes by 2030-2031, India will need to expand steel production,” the statement said.
The report says Indian steelmakers are likely to postpone plans to increase capacity by nearly 10 million tonnes for at least one to two years.
India's steel industry employs over 25,000 people through direct and indirect jobs and is expected to create 36,000 jobs by 2031, contributing to the country's economic prosperity.
The construction industry is the largest consumer of steel, accounting for 60% of the demand. It is expected that by 2030-2031. Steel consumption in construction will reach 138 million tons.
India needs to expand steel production to meet growing demand
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Azovpromstal® 12 February 2021 г. 11:13 |
