New Delhi, Nov 07: Predicting a rise in steel consumption over the next two decades, government today said it would soon formulate a national steel policy aimed at containing costs and increasing exports. Identifying energy as a major cost factor in steel production, Steel Minister B K Tripathy, inaugurating the annual general meeting of All India Induction Furnaces Association here, said production costs were increasing due to various factors and inputs.
Therefore, energy consumption of electric furnace-based steel plants has to be reduced, he said.
Virtually benchmarking the country against china, Tripathy said while it might not be possible to reach that level with regard to steel consumption and production, the government would look into all those factors that might increase the domestic consumption. "National steel policy is almost finalised. It envisages good demand for steel and considerable increase in consumption in the next 20 years," he said.
The policy would lay the roadmap for future development while focussing on specific areas needing attention.
Tripathy also agreed to a demand from domestic induction furnace manufacturers for rationlisation of power tariffs and said his ministry would certainly take up the matter as far as possible. Bureau Report