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India is to introduce norms for construction steel in September
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Indian government plans to improve the quality of infrastructure steel in the wake of last year’s earthquake and tsunami in Japan, the Bureau of Indian Standards will introduce new norms for constructional steel in this September, an official of Steel Ministry’s joint plant committee said.
Based on several surveys, the new rules will impact the domestic low grade steel market, about 11 million tons. An analyst said with the focus on quality, TATA, SAIL and JSW Steel will expand market share and profits, since demand for construction steel is set to grow at a much faster pace than flat steel with higher spending on roads, ports and power infrastructure.
TATA, SAIL and JSW Steel together have increased their capacity by 45% to about 40 million tons in the two years ending March 31st on forecasts that consumption will surge on government spending.
Indian government plans to attract US$1 trillion in investments by 2017 to build power plants, ports and highways, to support economic growth.
News Date
5/17/2012 1:20:43 PM
reported by
Raul Lee
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