PTI reported that even as the steel companies have reduced their production to cope up with the shrinking demand, Mr Ram Vilas Paswan Steel minister today exuded confidence that India will become the world's second-largest steel maker after China by 2015.
Mr Paswan said that "We are already the world's 5th largest steel producer and are poised to clinch the second slot by 2015 on the back of the capacity expansion lined up by the companies."
The Steel Ministry has already advanced the country's steel production target to 124 million by 2012 instead of 2020, envisaged in the National Steel Policy 2005.
He said that though admitting production cuts by steel companies in the recent months to tame the slump in demand, adding that the proposed Brownfield expansions are on track.
Currently, Indian companies, including SAIL, TATA Steel, JSW Steel, Essar, JSPL and Ispat Industries produce about 55 million tonne of steel per annum.
Reeling under slackening demand, most of the companies have either cut production or changed their product mix on the basis of the market demand.