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Indian steel industry less efficient

The steel ministry termed the Indian steel industry as less efficient and said there was a need for improvement.

Mr PK Misra secretary of steel said that India lags behind world standard in steel making and there is a need to make the production process more efficient.

Mr Misra said other steel producing countries are using low grade iron ore while Indian companies are not.

He said that in spite of these Indian steel makers were complaining against export of low grade ores. Mr Misra said that while the government was curbing export of iron ore by enhancing export duty too much of protection would cripple the industry.

The steel industry should develop technologies which would make them more efficient in terms of power consumption and raw materials use he said at an interactive session organized by Merchants Chamber of Commerce.

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