Raw material security, R&D thrust areas for steel industry: Steel Minister

Chairing the second meeting of the recently constituted National Steel Consumers’ Council in Bhubaneswar yesterday, Minister of Steel, Chaudhary Birender Singh stated that raw material security, import substitution, enhancing steel consumption and focus on R&D were some of the thrust areas for Indian steel industry.

Indian steel sector has evolved as third largest steel producer in world and is poised to become second largest producer putting Indian steel prominently on the map of the global industry.

The Minister said, “India being one of the fastest growing economies in the world, and steel finding its extensive application in areas like construction, infrastructure, power, aerospace, industrial machinery and consumer products, the sector is of strategic importance to the country. Owing to the significance of the sector and dynamic scenario in steel sector, the Government came up with National Steel Policy (NSP) 2017. With the roll out the New Steel Policy, it is envisaged that the industry will be steered with appropriate policy support in creating an environment for promoting domestic steel and thereby ensuring that production meets the anticipated pace of growth in demand.”