New Delhi: Steel Minister Beni Prasad Verma on Wednesday asked Indian firms to join hands with overseas partners for adding value to the raw material and acquiring assets abroad.
"For achieving growth in the Indian steel industry it is important to have raw material security. This would include optimum resource utilisation and securing raw material sources abroad," Verma said at the World Steel Conference here.
"Global strategic partnerships will play an important role in achieving this," he added.
India has a sizeable quantity of iron ore fines, which at present are not being fully utilised for want of suitable beneficiation and pelletisation technologies.
"We plan to use modern techniques of beneficiation and pelletisation for adding value to our iron ore and also for optimum utilisation of our mineral resources," Verma added.
Stating that Indian steel industry is dependent largely on imported coking coal, he said it was important to maximise the usage of indigenous coking coal by adopting latest coal washing technologies.
"Besides, it is also important to adopt alternate iron making technologies which can use directly non-coking coal and low grade iron ore fines. The recent JV agreement with KOBE Steel, Japan, for the ITmk3 technology is a step in the right direction," Verma said.
The Steel Minister said steel making capacity in the country has increased from 66 million tonnes in 2009 to about 90 million tonnes in 2012.
"The capacity is all set to increase further as steel plants in both public and private sectors have taken up expansion and modernisation programmes. As per projection, the capacity in the country would grow to around 200 million tonnes by 2020," he added.
Verma said the government is making efforts to fuel the growth by providing a good investment climate to domestic and foreign steel makers in the country.
First Published: Wednesday, October 10, 2012, 20:10