Jindal steel aims five-fold export surge

Jindal Steel and Power, the steel manufacturer is looking to increase its nascent exports to 1 million tonnes by this fiscal and to about 5 million tonnes within next five years. HT reports.

Jindal Steel and Power, the steel manufacturer is looking to increase its nascent exports to 1 million tonnes by this fiscal and to about 5 million tonnes within next five years.

HT Image

"We will grow our experts to 1 million tonnes by the end of the fiscal and would export about 5 million tonnes by the end of five years," Naveen Jindal, chairman and managing director, Jindal Steel and Power.

Steel manufacturers are increasingly looking to exports as domestic demand is down. India remains a net importer of steel despite being the world's fourth largest producer of iron ore.

The country's steel capacity has grown from 47.9 MTPA in 2004-05 to around 75 MTPA in 2010-11, but per capita consumption is around 52 kg, against China's 427 kg and the world average of 203 kg.