NEW DELHI (Commodity Online): According to provisional data released by Joint Plant Committee for the year 2010-11, India's domestic production of finished steel was 66 million tons as against the demand at 65.6 million tons, said The Union Minister of Steel, Beni Prasad Verma in Parlaiment on Monday. This computes a surplus of 0.4 million tons.
Further, there has been a net increase in Foreign Direct Investment (FDI) in India’s metallurgical sector at Rs. 5,023.34 cr during 2010-11, he informed. In 2009-10, investments in the sector marked Rs.1999.30 cr; the lowest.
This is in sharp contrast to 2008-09 when the investments had touched Rs.4152.6 crores.
In a written reply to the Lok Sabha, he said following are the major investments proposed by foreign steel producers in the Indian steel industry in the last three years:
In addition to this, some of the notable investments made by foreign investors in the Indian steel industry include the acquisition of 14.99 per cent stake in JSW Steel Ltd by JFE Holdings of Japan and that of 29 per cent stake in Uttam Galva Steels Ltd by Arcelor-Mittal, minister added.
Minister said that that there has been no formal categorization of steel consumers in India.
However, major areas of steel consumption in the country are deemed to be infrastructure, construction , capital goods, automobiles, consumers goods, low cost steel housing, steel agricultural implements, Community facilities etc, he said.
