Tata Steel decides to increase capacity
Indian major steel producer
Tata Steel decided to improve its annual capacity by 1 million tons in order to be able to meet the increasing demand in domestic and export markets.
Tata Steel has an annual capacity of 3.32 million tons although the company produced more than 3.94 million tons in the year ended March 2003.
The company is also scheduled to complete the expansion plan in March 2006 at a cost of Rupees 2.000 crore (approx. $433 million).
In addition,
Tata Steel estimates a robust growth in the company earnings for the current year.
Tata Steel is also planning to double the export of
iron ore this year due to the significant business opportunity in the international market.