Steel demand to soar as economy grows: JSW Steel

Steel demand to soar as economy grows: JSW Steel

London: Indian steel consumption is seen more than doubling to 122 million tonnes in 2015 compared with this year due to robust investment and infrastructure demand, a company official at JSW Steel Ltd said on Tuesday.

“Accelerating development of the economy will continue to drive (demand)," Jayant Acharya, commercial and marketing director at JSW Steel, India’s No. 3 producer of the alloy, told a conference organised by Metal Bulletin.

“Investment, industries, infrastructure will increase the steel demand," Acharya said.

By 2020, consumption is seen rising to about 202 million tonnes. Acharya said India consumed and procured about 60 million tonnes of steel this year.

India is seen emerging as the world’s third-biggest steel consumer after China and the United States next year, the World Steel Association said last month.

Demand in India will rise 13.6% in 2011 to 68 million tonnes, about one-tenth of China’s estimated 599 million tonnes, it said.

JSW Steel Ltd posted a better-than-expected rise in July-September net profit led mainly by sales of flat-rolled products and a change in sales mix to tackle rising costs.