Indian Institute of Metals hopeful for sector's growth

The steel sector's growth in the first half of the current fiscal could surpass that of the country's GDP numbers, a senior official of a metallurgists' body said on Monday.

The official of the Indian Institute of Metals (IIM) also said long and short-term demand outlook for the sector remains robust with many government initiatives and global cues. "Demand in the first quarter was strong, and in the second quarter, it was stable.

In the first half of the year, demand growth could be higher than 7 per cent," IIM President Anand Sen, who is also a top Tata Steel official, said here.

"We hope when the final GDP numbers are announced for the first half, the steel sector's growth will be more, a trend we expect to see after a decade," he said. Sen said India's steel capacity is likely to be at least 200 million tonnes by 2030.

"The outlook for steel demand in India remains robust, with many announced programmes in infrastructure and automotive sector. The first half of the current fiscal has been stable for the steel sector in India," he said.

Meanwhile, the IIM in association with Tata Steel is organising its 56th National Metallurgists' Day (NMD) and 72nd Annual Technical Meeting (ATM) in the city from November 14 to 16.