New national steel policy to be finalized soon: Steel Minister

New national steel policy to be finalized soon
The Union Steel Minister Beni Prasad Verma on Friday said that government is finalizing a new National Steel policy (NSP) focusing on infrastructure development, securitization of raw-materials and human resource development for growth of steel industry.

"Need for utilization of lean ore, improving product mix, better logistics are some of the key areas", said Beni Prasad Verma while inaugurating an ASSOCHAM 7th India Steel Summit "Realizing 300 MT - Challenges ahead".

Verma said Indian steel makers need to enlarge their product baskets, keeping in view the changing requirements of customers. He said that companies need to spend more in R&D to unlock the potential in domestic steel making industry.

"Despite having large iron ore deposits, we are not able to utilize the low grade fines due to lack of suitable technology. So, need to adopt suitable technologies like pelletisation to utilize these fines for steel production," he said.

Dion Global Solutions Ltd.

Story first published: Saturday, November 16, 2013, 9:30 [IST]
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