World's 8th stainless steelmaker India sets up a new HRC plant

World’s 8th stainless steelmaker India sets up a new HRC plant

Recent market reports reveal that India has been ranked 8th in the top ten stainless steel producers in the world as the country passed 1 million tonnes for the first time and reached a stainless production of 1.1 million tonnes in 2002. According to a research agency based in Germany, production in 2003 is expected to be higher at 1.16 million tonnes. Furthermore, as stated by the Indian Stainless Steel Development Association (ISSDA) India is accepted as a major exporter with sales revenue gained from overseas sales, which include stainless steel hot and cold rolled coil and value added product exports, totalling Rupees 2'500 crore ($541.9 million). Meanwhile Indian cold rolled producers, complaining about hot rolled material shortage in India as the subject material is used by primary producers for their own plants, are planning to make an investment of Rupees 20 billion ($ 433.3 million) on a new hot rolled coil plant to have a capacity of 1 million tonnes per annum. According to a top executive of CORSMA (Cold Rolled Steel Manufacturers' Association of India) with this new facility association members will be able to supply hot rolled materials in specific sizes and quality in compliance with their requirements at favorable prices.