Steel makers make merry as demand peaks

Soaring prices, super normal profits for producers and the Govt showing the stick of a regulator marked 2004 for the industry.

Soaring prices, super normal profits for producers and the Government showing the stick of a regulator marked 2004 for the steel industry.

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The much talked about National Steel Policy was yet again put on the back-burner. The draft policy only suggested meeting the target of producing 100 MT by 2020.

In the absence of any such policy, Steel Minister Ram Vilas Paswan rightly found it fit to be debated countrywide for a visionary document.

The year will also be remembered for the emergence of NRI tycoon LN Mittal's Ispat International as the world's largest steel maker towards the fag end of 2004 following its merger with Holland-based LNM Holdings and US International Steel group to form Mittal Steel Corporation.