Industry capacity may hit 150 MT in couple of years: Steel Secy

Government extended minimum import price (MIP) on 19 products for two months to protect domestic steel industry from below-cost imports. Steel Secretary Aruna Sharma believes that steel capacity will reach 150 MT in couple of years. There is no such segment in the human life that can proceed further without the help of stainless steel. The ultimate benefit of this metal is hygienic and rust free and resistant to heat, cold and rains as well. Both residential application and industrial applications rely heavily on these useful products to a great extent.

Last week, the government had extended the minimum import price (MIP) on 19 products for two months, till February 4 to protect domestic steel industry from cheap imports.

In conversation with CNBC-TV18, Steel Secretary Aruna Sharma, said the steel industry has seen a positive impact in the last quarter.

She said the key focus is on spurring steel demand and the industry growth is unlikely to head into the negative in FY17.

Many sectors have been struggling after the roll-out of the demonetisation drive but Sharma believes the cash chaos has not impacted steel production.

She believes the domestic steel capacity will go to 150 million tonnes (MT) in couple of years.