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| TITLE |
Indian steel sector expected to grow by 10pct to 12pct |
| WRITER |
administrator |
DATE |
2009-09-07 09:41:54 |
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Indian steel sector expected to grow by 10pct to 12pct - Mr Ray
06 Sep 2009
Mr Mukul Ray MD of Metal Engineering & Treatment Company Private Limited sector said that since 1991, substantial economic reforms were introduced by the Government of India which boosted the development process of a number of industries, particularly the steel industry. The sector is expected to grow by 10% to 12%. However since the economic downturn, the demand for steel has definitely reduced.
However, the domestic steel industries are undergoing various phases of modernization and consolidation. In West Bengal, IISCO which is now under the fold of SAIL, has embarked upon a large modernization program to the tune of INR 10,000 crore approximately.
Mr Ray said that this is a very good sign for the demand of steel in the core industries and IISCO shall definitely contribute a good share of that requirement. Moreover, over the last couple of years, the government of West Bengal has realized the potential of the industry and brought in some private players in the state.
When asked about which are the priority areas of the company?, he said that “The major contribution of METCO in the iron and steel industries is its design and supply of process equipment like Briquette Plant, Lime Solution Preparation Plant, Mortar Mixing Plant, Shot Blasting Plant, Pig Casting Machine, etc and supply of various Belt Conveyor and Auxiliary Equipment are required in the industry. We have successfully installed over 35 numbers of continuous pig casting machines for different units of SAIL that is producing millions of tonnes of cast iron pig annually. Presently, we are executing contracts at IISCO and RSP aggregating more than 1.2 MTPA production of pig iron. We have executed Electro Slag Remelting Plants up to 10 tonne capacity and have successfully manufactured and installed Gas Cleaning Plants for Ferro-Alloy Industry. We have executed a large project in South Africa for Tata Steel KZN. We are exploring the possibility of opening a new area of design, manufacturing and fabrication of speciality equipment for Metallurgical Industries under the Renewable Energy Mission of the Government of India.”
When asked about what are the future plans of the company, he said that “Our performance during the last five years was more or less satisfactory. We had secured a number of turnkey contracts from the steel industry like SAIL, TISCO, etc, some of which have already been completed and the rest are nearing completion. With the present momentum of work in our Engineering and Project Division, we are very hopeful that we will contribute our share through engineering activities in the expected GDP growth of 8%, which the government of India is expecting to achieve.”
Resource from Economic Times |
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