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Steel Ministry to seek Cabinet nod for new steel policy

Thursday, 09 Feb 2017
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The steel ministry will soon seek Cabinet’s approval for a new steel policy.

The new policy envisages Rs 10 lakh crore investment for creating capacity in the steel sector, which is currently affected by weak demand and increase in raw material prices.

Recognising the limited availability of metallurgical coal as a disadvantage for the Indian steel sector, the draft steel policy aims to increase the supply of domestic coking coal to reduce dependence on imports by half. It is also looking at a production of 300 million tonne of the alloy by 2030-31.

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