In an indication of India's emerging importance on the world steel map and massive growth it is poised for in this sector, India has been awarded the right to hold the World Steel Conference in October next year.
The governing body of the World Steel Association, representing 170 producers and accounting for 85 per cent of world steel production, has decided to give the rights to hold the World Steel Conference in India from October 8 to 12 next year, according to an official announcement made here on Friday.
State-run Steel Authority of India Ltd. (SAIL) Chairman C. S. Verma made this offer in Paris on Friday on behalf of India's committee consisting of six leading steel producers of India. He extended a warm invitation to all CEOs of leading steel producing countries and companies to attend the conference to be held in New Delhi.
Mr. Verma said the views expressed by the global steel barons would go a long way in making the steel industry more sustainable, in the backdrop of the global economic uncertainties and volatilities in the recent past. “The conference in New Delhi will give a glimpse of the rich heritage and culture of India,'' he added.
He informed that the Indian steel industry had grown multi-fold from a production of about two million tonnes of crude steel in 1950-51 to nearly 70 million tonnes in 2010-11. Indian economy has recorded an impressive GDP growth in the last few years.
A report released by the World Steel Association, based on the just concluded conference, has forecast that apparent steel use will increase by 6.5 per cent to 1,398 mt in 2011, following growth of 15.1 per cent in 2010. In 2012, it is forecast that world steel demand will grow further by 5.4 pr cent. The WSA also projected that India's steel consumption is likely to grow by 4.3 per cent to reach 67.7 million tonnes due to economic growth. In 2012, the growth rate is forecast to accelerate to 7.9 per cent.
The member steel companies representing host country committee from India include JSW Steel, SAIL, Rashtriya Ispat Nigam, Tata Steel, Essar Steel and JSW Ispat Steel.