At the 39th annual general meeting of India-based steelmaker Steel Authority of India Ltd (SAIL), company chairman C.S. Verma said that the Indian steel industry is ready for greater growth, adding that this move will take India to the league of the highest steel consuming nations of the world in the next decade.
SAIL stated that, to maintain its market dominance both in the short and long term, it will continue to work on capacity addition. Mr. Verma informed shareholders that SAIL has already placed modernization and expansion orders worth INR 540 billion ($10.9 billion).
Mr. Verma also affirmed that the company is determined to meet its increasing need for iron ore from captive sources, by improving production from existing mines and by developing new mines at Rowghat in Chhattisgarh and Chiria in Jharkhand. On the other hand, SAIL is seeking to acquire new coking coal and thermal coal blocks, besides developing existing coal blocks