India’s Ministry of Steel has decided to frame a special policy for alloy steel as a conjunct to the National Steel Policy, a government official said on Monday, June 18.
The official said that, while the National Steel Policy laid down the roadmap for the country to achieve 300 million mt of steel output per year and while several joint ventures have been formed for production of auto grade steel in the country, the alloy steel policy will provide the supporting policy environment to increase domestic production of alloy steel with specific focus on meeting rising demand from defense production and the shipbuilding industry.
Pointing out that the country is still import-dependent for several grades of alloy steel to meet specialized requirements of several industries and with the Indian government also laying down a “Make in India” roadmap for increasing domestic production of defense equipment, the proposed alloy steel policy will provide the framework towards a larger number of joint ventures between domestic companies and foreign steel majors to construct alloy steel production facilities in the country, the official added.