Asking domestic steel makers to step up production in the aftermath of coronavirus outbreak, Union minister Dharmendra Pradhan has said India should target a larger global market share as the impact of the coronavirus will be felt on global steel industry for at least two to three years. India is the second largest global producer of steel with an annual output of over 106 million tonne (MT), but lags much behind China that accounted for 928.3 MT of the alloy in 2018.
He further asserted ‘When some markets in the globe face pressure, its positive reflection is felt in some other markets. This is an automatic (natural) law. India occupies number two slot in steel production. From capital goods to finished products - how can we derive benefit - we are holding talks with stakeholders.’ He mentioned that a strategy paper was being prepared for producing 10 million tonnes of special steel at a cost of Rs 50,000 crore with 50,000 employment potential in the present scenario.
Besides, Pradhan also said Prime Minister Narendra Modi has offered a helping hand to China to fight the deadly virus. He urged players - both large and small - including the startups to come forward for production of special steel and check its import, as countries like Japan and Korea where exporting finished goods to India after adding value to raw material imported from India.