New Delhi: The outbreak of novel coronavirus (COVID-19) infection will have its effect on the global steel market for the next two to three years, Union Minister for Steel Dharmendra Pradhan on Monday.
Speaking on the sidelines of an event here, the Minister said that steel production in China will be severely disrupted.
He further said Indian steel companies should take the advantage of the fall in steel production in China.
Earlier, addressing an event organised by CII, “Indian Steel: Fostering Steel Usage in Railways & Defence Sectors”, Pradhan said that apart from having strategic implication, there is immense economic and social implications of enhanced steel usage across railways and defence sectors.
Emphasising the Ministry of Steel’s role as a bridge between the steel industry, Railways and Defence sectors, Pradhan called for a strategic paper highlighting the specific long term requirement of these sectors to form an action plan with the steel industry for domestic fulfilment of the requirement.
Speaking about reducing imports, he emphasised on zero imports in railways and defence sector and further encouraged the domestic industry to produce special steel as per the industry requirements to support indigenisation.
Pradhan stressed upon the need to develop an ecosystem for start-ups that will
support production of special steel and urged the investors and industry to come together in nation’s interest.