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Investments worth $15 bn underway in India's Steel sector: NMDC chief

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MUMBAI (Scrap Register): India’s steel production and demand are likely to grow at a healthy rate of 6-7% plus, according to N Baijendra Kumar, Chairman and Managing Director of Indian state-controlled mineral producer, National Mineral Development Corporation (NMDC).

“India is at the bright spot in steel world as the government push on infrastructure sector will ensure that target set in the steel policy 2017 will be achieved. The per capita consumption of steel, steel production capacity are increasing in line to meet the National Steel Policy target of 300 million tonnes by FY31,” he said.

“Currently, about USD 14-15 billion worth of investments are underway in the steel sector that would substantially increase the country’s steel-making capacity. NMDC is fully geared to meet the increased iron ore demand, and is investing in mines and evacuation to augment capacity to almost double in the next three to four years, he added.

NMDC is India’s largest producer of iron ore and 10th largest in the world. It has the best quality ore with highest Fe content in the world, and more than adequate reserves to cater to India’s enhanced needs,” the official said.

Incidentally, NMDC has earmarked Rs 3,000 crore as capex for this year, and has set a production target of 31 million tonne without Donimalai mine. For FY19, the production is 32.5 million tonne.

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