The Hindu quoted Mr PK Misra Indian steel secretary as saying that efforts are being made to make India second largest steel producer in next three to four years.

Speaking at a meeting conducted by CII at Ukkunagaram, he said that steel producers should focus on improving techno economic parameters, cost effectiveness and research and development.

Mr Misra said that India had come a long way in making its presence felt in the world steel market. It had occupied eighth rank in 2003 and in 2010 turned the fourth largest steel producer.

Admitting that sluggishness in construction, automobile and manufacturing sectors had its impact on steel consumption, he said that the problems notwithstanding the steel production had gone up by 9.8% during first half compared to last year.

Stating that the World Steel Federation had predicted a growth rate of 8% for the Indian steel industry, he said could go up further as generally during the last quarter of the fiscal, the industry recorded a lot of production.

Underlining the need to produce cheaper steel, he said to compete with others, Indian steel had to be cost effective. He said "China is able to sell its steel a lot as it was cheaper than Indian steel. If the steel sector grew phenomenally in India, it would also have a cascading effect on other sectors."

(Sourced from www.thehindu.com)