Friday, August 8, 2014

India - Steel Industry - India set to become 2nd largest steel producer: ArcelorMittal

NEW DELHI: India's economic prospects have improved and is likely to see major reforms as the coalition era has ended with the new government's majority in the Lok Sabha, steel giant ArcelorMittal has said.

It further said India is poised to become the second largest global steel producer, and mergers and acquisitions in in country's steel sector are likely to "remain active".

The company had recently said that it continued to pursue greenfield projects in Jharkhand and Karnataka.

"Economic prospects have improved in India as the incoming government has won a Parliamentary majority in the Lower House, which breaks the long run of coalition governments, and is expected to allow for significant economic reforms," ArcelorMittal said in a report. The growth prospects in the country are bright, it added.

"The country has become the world's third largest steel consumer after China and the United States and is expected to become soon the world's second largest steel producer worldwide," it said.

The merger and acquisition activities are expected to "remain active in the Indian steel and mining industry though at a lower pace considering the current economic slowdown".

Article Source:
Publication Date: 06 August 2014

1 comment:

  1. Steel is one of foremost structural materials used by industries in India. Industrial expansion, especially infrastructure development, allows higher consumption of steel because of its economical value. When the economical choice is preferred by the industries in India, they need to focus on improving the life of steel structures through corrosion control activities. The present status of corrosion awareness among these end-users for steel is not showing an encouraging sign to conserve this material. Worldwide surveys show nearly 3.5 to 4% of GDP is lost through corrosion losses. Our country is no exception to this corrosion, often termed as metallic cancer and number one life limiting phenomena for poor performance of assets made out of steel. We see numerous incidents of steel pipe failures in various sectors. There are deadly damages reported in gas transportation and chemical industries because of negligence on corrosion. Design houses should run the Life Cycle Analysis to select the suitable materials of construction and determine the needs for corrosion control and monitoring. The present status of corrosion awareness among Indian industries is very limited. Our government has to introduce corrosion prevention act for encouraging corrosion control efforts and conserving the precious material resources we have at the present time. There is a huge gap between the research establishments who focus on analysing corrosion as a scientific problem and the industries who expect economical value for the assets they establish, operate and maintain.


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