24 November 2010
2-Day Symposium on Steel Begins

Mumbai: In the backdrop of the growing demand of steel from the automotive, white goods, construction and infrastructure industries, Mjunction Services Limited, one of India's largest e-commerce companies (promoted by TATA Steel and SAIL), in association with CRU Events, organised a two-day industrial symposium on 'Indian Steel 2010' here today.

In the symposium, the industry leaders from the Indian steel sector discussed on the challenges and impediments existing in the production capacity of steel and assess the critical issues related to demand supply gap.

It is estimated that the apparent steel use in the domestic market grew by 10.7 per cent to 29.59 million tonnes (MT) during the period April-September 2010 over the corresponding period last year, riding on the steady demand from sectors like automobile and consumer durables, a release said.

Moreover, as per the Ministry of Steel, Government of Indid, the country is also slated to become the world's second-largest steel producer by 2012 with a capacity enhancement to 124 MT which is led by the requirement of steel to facilitate the country's overall infrastructure development.

The conference also witnessed engaging deliberations from eminent industry stalwarts on other key issues pertaining to the industry like global steel demand and production, promotion of Indian steel companies as global players, the future of iron ore market and scope of value added steel production and services.

The symposium promises further deliberations on significant issues like finance options for overseas acquisitions, end-user identifications as demand drivers of growth and investment strategies and risk management in global steel trade on the second day of the conference.

Speaking on the occasion, Viresh Oberoi, managing director and chief executive of Mjunction Services Limited, said "India has a growing infrastructure industry and at this stage we need to ascertain which direction Indian steel industry is moving. It is important to gauge the evolving position of India in the global market and simultaneously asses the requirements of the India steel manufacturers to help them grow efficiently".

(Source: http://www.newkerala.com/news/world/fullnews-91446.html)

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