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India expected to become net steel exporter in next 3 years
Date: 25-09-2019 00:00:00

It was reported that India was expected to be a net steel exporter in the coming three years, said by Union Petroleum and Steel Minister Dharmendra Pradhan on Monday (September 23rd). Indian steel exports dropped significantly by 34% to 6.36 million tons year on year during 2018-19, and finished steel imports grew by 4.7% to 7.83 million tons. Pradhan pointed out that industry in India should focus more on value addition; furthermore, the country's raw materials and natural resources shouldn’t be exported to other countries. By the year 2030, India targeted to grow its capacity to about 300 million tons from around 140 million tons now. Indian government held a new campaign for pushing more uses on steel products instead of single-use plastic items. It was expected the country’s steel industry would back up India to a US$5-trillion economy.

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