Indian local steel market to grow 10-12%

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has stated that India's domestic steel industry is expected to grow by around 10-12 percent by 2012, surpassing the 6.9 percent growth target set in the National Steel Policy (NSP). The ASSOCHAM also said that the operating capacities of the domestic steel industry would increase to 73 million metric tons annually, as opposed to the NSP projection of 57 million metric tons. “With the increased rate of growth witnessed in both economy and steel sector in the last three years, the NSP target of 6.9 percent growth by 2012 will be easily overshot by at least 10 million metric tons” said the ASSOCHAM President Anil Agarwal.