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Home arrow News arrow Business News arrow Parliamentary Consultative Committee of Ministry of Steel Meets
Parliamentary Consultative Committee of Ministry of Steel Meets Print E-mail
Written by Ganesh   
Tuesday, 27 September 2011
New Delhi: Chairing the meeting of the Parliamentary Consultative Committee attached to his Ministry here today, Beni Prasad Verma, the Union Minister for Steel, said that India is expected to become the 2nd largest producer of crude steel in the world by 2015. The functioning of Steel Authority of India Limited (SAIL) was the agenda of the meeting.

He said that India has now become the 4th largest producer of crude steel in the world in 2010 as against the 8th position in 2003. Verma said that India also maintained its lead position as the world’s largest producer of direct reduced iron (DRI) or sponge iron.

Expressing concern about fast depleting iron ore resources, the Minister said that Iron ore is a non-renewable natural resource, therefore, his Ministry is of the view that it should be conserved for long term utilization of domestic steel industry. Our policy should accordingly, aim at value addition of iron ore within the country instead of exporting iron ore, Shri Verma added.

He said, the steel sector contributes to nearly 2% of the GDP and employs over 5 lakh people. The per capita steel consumption during the last six years has risen from 38 kg in 2005-06 to 55 kg in 2010-11. The Minister hoped that in the next five years, demand of steel is likely to grow at a higher annual average growth of over 10% as compared to the average annual growth of 8% achieved between 1991-92 and 2010-11.

Informing the members, Shri Verma said, in order to increase production of steel in the country, SAIL and RINL are in the midst of massive expansion plan. The major thrust of the modernization and expansion plans is to adopt the best modern technology, which in addition to being cost effective should also be energy efficient and environment friendly. The Steel Minister informed that expanded capacity of Salem Steel Plant has already been commissioned. First Phase of the expansion plan of RINL is likely to be completed and commissioned soon.

The Steel Minister informed that for promotion of steel sector, recently, the following steps have been taken:-

(i) National Steel Policy 2005 has been reviewed and the process for drafting a ‘National Steel Vision’ has been initiated.

(ii) Five year strategy paper has been prepared for promotion of Steel sector in the country.

(iii) A policy paper on R&D has also been prepared with special focus on beneficiation, coal ash reduction and promotion of production of high grade value added Steel in the country. SAIL has decided to earmark one percent of gross sales for promotion of R&D.

(iv) New techno-economic bench marks have been evolved on International pattern for improvement in performance of Steel PSUs.

Steel Authority of India Limited (SAIL) is the leading steel-making company in India. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive defense industries etc. SAIL is also among the five Maharatnas of the country’s Central Public Sector Enterprises. Turnover of SAIL during 2010-11 was Rs. 47041 crore, PAT during this period was Rs. 4905 crore.

Some of the members, while appreciating the Corporate Social Responsibility work of the SAIL asked them to perform social responsibilities in the field of health, safe drinking water and education seriously. The members were keen to know about the rural dealership scheme of SAIL products.

Members of Parliament who attended the meeting were: Gorakhnath Pandey, Capt. Jai Narain Prasad Nishad, Jeetendra Singh Bundela, Premchandra Guddu, Rakesh Sachan, Shivarama Gouda, Yashbant N.Singh Laguri and Ghanshyam Anuragi from Lok Sabha and Nandi Yellaiah, Naresh Chandra Agarwal, Ramdas Agarwal, Tapan Kumar Sen and Sabir Ali from Rajya Sabha. The Steel Secretary, Shri P.K. Mishra, senior officials of the Steel Ministry, CMDs of Steel Public Sector Undertakings also attended today's meeting.

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