ENA Sectors 2024-03-20 18:39:18 <p><span style="font-size:14px"><strong>New Delhi, Mar 20 (KNN)</strong> With India's economy surging and infrastructure projects undergoing a significant overhaul, major steel producers such as JSW Steel Ltd and Tata Steel Ltd are gearing up for substantial investments to capitalise on the burgeoning demand within the nation.</span></p> <p><span style="font-size:14px">In stark contrast to the decline witnessed in Europe and the United States, India stands out as a beacon of growth for steel manufacturers worldwide.</span></p> <p><span style="font-size:14px">Analysts and industry data project a remarkable capacity expansion of at least 22 million metric tons in the upcoming fiscal year commencing April 2024.</span></p> <p><span style="font-size:14px">Jindal Steel and Power, a key player in the Indian steel landscape, anticipates augmenting its existing capacity by 6 million metric tons, supplementing its current output of around 9.6 million metric tons.</span></p> <p><span style="font-size:14px">Similarly, Tata Steel has announced plans to bolster its capacity by 5 million tons, adding to its existing 21 million ton capacity.</span></p> <p><span style="font-size:14px">JSW Steel, the largest steel producer in India, aims to significantly ramp up its capacity to 38.5 million tons by 2024/25, a substantial increase from its current domestic capacity of 27.5 million tons.</span></p> <p><span style="font-size:14px">This ambitious expansion plan involves substantial investment, with projections suggesting an annual expenditure of USD 2-USD 2.2 billion towards brownfield expansions, iron mining capacities in Odisha, and downstream projects.</span></p> <p><span style="font-size:14px">Collaborative ventures further underline the industry's growth trajectory, exemplified by JSW Steel's partnership with Japan's JFE Steel.</span></p> <p><span style="font-size:14px">The joint venture, involving an investment of 55 billion rupees (USD 662.85 million), focuses on the production of grain-oriented electrical steel, vital for transformer manufacturing.</span></p> <p><span style="font-size:14px">Meanwhile, Tata Steel is earmarking significant investments ranging between USD 1.21-USD 1.51 billion for the fiscal year 2024/25, highlighting its commitment to expansion and modernization.</span></p> <p><span style="font-size:14px">Analysts foresee robust growth in India's steel consumption, projected to increase between 8 per cent to 10 per cent in the fiscal year 2024/25.</span></p> <p><span style="font-size:14px">This optimistic outlook is reinforced by the impressive performance witnessed in recent months, with steel consumption soaring by 14.5 per cent to reach a six-year high of 112.5 million metric tons during April-January.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37113 https://knnindia.co.in/news/newsdetails/sectors/indian-steel-industry-poised-for-record-growth-amid-rising-domestic-demand 2024-03-20 18:39:18 knnindia.co.in