Beijing: In a conference at Chinese capital Beijing,
Chairman of Jindal Steel and Power Naveen Jibdal said that the European and
Chinese steel production companies would consider India as the potential market
who is ready to buy extra production.
While India is under a preparation to almost double
its annual steel production capacity by 2025, the initiative by European
countries and China will only facilitate the process. “India plans to make the
200 million tonnes by 2025,” Jindal said, addressing the conference.
However, China is going through temporary slowdown
in steel production and consumption. “A recent increase in steel output in
China is temporary, with the overall trend still showing a decline in
production,” said the Baosteel group, the fourth largest steel maker in world. Also,
‘calls for trade penalties to block its exports from steel producers’ had
forced China to ‘dump’ cheap exports after a hold up demand at home.
With an increasing demand of steel in Indian and its
sub-continental neighbors, the Jindal plant itself has planned to raise their
production to 15 million tonnes in the upcoming 2-3 years. The Jinndal Steel
and Power produces 8 million tonnes annually now. The Jindal conglomerate is
the highest steel producer in India.
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