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STEEL NEWS |
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India's Iron & Steel industry is poised to double its production in five years, due to a sharp rise in domestic demand. The government is reportedly planning to spend $15bn on infrastructure projects like roads, bridges, hotels and airports, to bring in international standards. This is expected to send annual consumption rocketing from current levels of about 36 million tones per year. India is currently the world's 8th largest steel producing country, with nearly 33 million tones of crude steel output in 2004. With 12% increase in supply in the first half of this year, India is increasingly being referred as the next China in the steel market. |
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