MUMBAI (Commodity Online): Public sector steel maker, Steel Authority of India Ltd (BOM:500113) is said to have been asked to explore new technology and processes in producing steel by the union government.

Atul Chaturvedi, secretary, ministry of steel said, “We have asked them(SAIL) to negotiate for new steel making technology after private companies like Tata Steel and JSW Steel have tied up with Japan steel companies for automotive steel products,” Chaturvedi said.

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He was speaking on the sidelines of the NMDC press conference called for the follow-on public offering. Indian companies will produce 115-120 million tonnes of steel by 2012, which will be supported by 10% rise in consumption in 2010-11.

According to the top official, steel consumption in India is poised to rise due to focus on infrastructure in the recent Union Budget. Steel production by Indian companies will rise to 220 million tonnes by 2020, he said.

SAIL stocks posted heavy gains on the Bombay Stock Exchange (BSE) today. The stocks closed at Rs.236.90 up by 4.78% from its Wednesday’s closing. The stock has so far gained by over 8% during past three trading sessions.

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