Indian finished steel production up by 6.2%

Indian finished steel production up by 6.2%

Indian finished steel production during April-November 2003/04 fiscal year was up by 6.2% to 22.8 million tons compared to same period last fiscal. In 2002-03 fiscal year, the finished steel production amounted to 33.7 million tons with an increase of 9.9%. As announced by the Indian authorities the steel exports in India for 2002-03 increased by 66.6% to 4.5 million tons. India produced 3.54 million tons of pig iron in the fiscal year ended on March 31, 2003 with a 2.25% increase. Indian steel consumption is expected to increase from 30 million tons to 55 million tons by 2011-12. Furthermore, Indian steel mills will need more iron ore to increase their production due to upward trend of demand. Steel Authority of India Limited (SAIL) is planning to invest new mines at Rowghat, Chiria, Thakurani and South and Central Blocks of Kiriburu-Meghahataburu deposits to meet its iron ore requirement. Furthermore, Rashtriya Ispat Nigam Limited (RINL) aims to take over iron ore mines to offset its increasing requirements.