PTI reported that IFGL Refractories, which clocked a turnover of INR 600 crore last fiscal, has scaled down its growth target for 2012-13 in view of the slowdown in the global as well as Indian domestic steel industry.

Mr Pradeep Bajoria MD of IFGL told PTI “This fiscal, we were targeting around 20% growth, but unfortunately the steel industry has slowed down. First half was not bad, but second half we see a major slowdown. So we would be lucky if we make a 10% growth.”

He said "Even in India, with issues in mining, many companies are cutting production.”

He said, however, that the steel industry in India was still strong as compared to its global peers and was hoped that some capacity addition would happen despite the slowdown. He said Main increase in turnover is expected to come from India... People have set up a lot of capacity. In SAIL, lot of expansion is going on. Then, we expect business from the US and have also started marketing in CIS countries.”

He added that although in the near term, the world steel picture is looking bleak, the Indian steel story would remain strong.

Source - PTI

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