Steel exports to grow by 22% this year

Domestic steel consumption will grow by about 12 per cent and steel exports growth will increase by 22 per cent during the current year, B K Tripathy, union minister for steel, said during the 'RINL Turnaround Celebrations' held at Visakhapatnam Steel Plant on Wednesday.

After a prolonged recession, the Indian steel industry has recovered in the last two years, the minister said. Stating that in 2002-03, steel exports stood at 45 lakh tonne, this year the exports can touch 55 lakh tonne, he noted.

Earlier the union minister for steel laid the foundation stone for the construction of Rs300 crore fourth coke oven battery in Visakhapatnam Steel Plant.