Armed with latest technologies and higher product mix, SAIL aims to tap big into the steel demand in India, which is projected to become "the fifth- largest economy" this year, its Chairman P K Singh said today.
Addressing the 45th annual general meeting of the state- owned Steel Authority of India Ltd (SAIL) here, Singh said the steel demand in India will witness a significant growth in future, given the current stage of development in Indian economy.
The World Steel Association, in its short range outlook, has forecast 6.1 per cent growth in steel consumption for India in 2017, the SAIL chief added.
According to Singh, the domestic steel demand is improving on the back of government policies and developmental goals, and SAIL is expeditiously equipping itself to serve market requirements fully and claim a broader market share.
"SAIL with newer and better technologies at its disposal aims to leverage potential of growth in steel demand by operating at rated capacities, product differentiation and customer satisfaction," Singh said.
The chairman also shared the company's efforts towards product value addition.
"SAIL has done significant value addition in its product mix, with higher grades of steel... from Rourkela Steel Plant's new plate mill for the oil and gas sector, SAIL HT-600 for the automotive sector and high strength LPG steel grade from Bokaro Steel Plant, etc," Singh said.
At Bhilai Steel Plant (BSP), the world's longest single piece rail of 130 metres is being produced and supplies of welded 260 metres rail panels to the Indian Railways are in progress.
Besides, a 3 mtpa hot strip mill in Rourkela is slated to be installed by 2018.
He further said, "World economic recovery is on track... and presents a healthy sign for industrial and manufacturing activities across globe. India is projected to become the world's fifth-largest economy in 2017, surpassing UK and France and the world's third largest economy by 2023, surpassing Japan and Germany."
Such kind of growth will definitely create larger steel demand and boost consumption in country, the chairman added.
Listing out the achievements of SAIL, Singh said the company since inception has produced 475 million tonnes (mt) of crude steel and partnered in all major national projects requiring steel.
The company is also taking initiatives towards remodelling its operations.
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