India set to become global steel powerhouse

摘要

India is set to become the world's steel powerhouse, with investment in the latest and most efficient technology forecast to surge, according to Ernst & Young's report, "Global steel - 2010 trends, 2011 outlook".Ernst & Young's Global Mining & Metals Leader, Mike Elliott, says with India's strong economy driving a 12% rise in domestic steel demand in the next two years alone, India is poised to become a dominant player in the global steel sector. Although capacity has increased 8.7% between 2005 and 2010, this was outstripped by growth in domestic consumption of 11.1% over the same period. "This unprecedented growth has attracted many global steel players, with a number establishing mega greenfield projects and others entering strategic partnerships or joint ventures with Indian steelmakers" says Elliott. "There is a stampede of steelmakers to India and all the leading global steelmakers have an India strategy to tap into the growth".