India Needs Local Steel Equipment to Manufacture 120 Million Additional Tons
JOHANNEBURG--Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--According to steel industry ball-park figures, the investment needed to create 1 million tons of incremental steel production capacity is about $1 billion, and plant and machinery constitutes more than 60% of that total investment. Steel Authority of India Limited's (BSE:500113) (Kolkata) chairman C. S. Verma said that as India is targeting adding 120 million tons of additional steel production capacity by 2020, it will require a $120 billion investment, including $72 billion on plant and machinery. "But not even a single manufacturing facility to make machinery for steel-making is here, we need to have some," he said.
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