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MUMBAI (Scrap Monster): Indian steel industry is expected to become the second largest producer of crude steel in the world by 2015, said Shri Beni Prasad Verma, India's Steel Minister. Steel industry which contributes over 2 percent to the country's GDP.

According to the minister, “Steel output capacity in India has increased from 66 million mt in 2008-09 to 89 million mt in 2011-12, adding that per capita steel consumption has risen from 38 kg in 2005-06 to 55 kg in 2010-11.”

He underlined the importance of preventing iron ore resources from leaving the country, so that they can be used instead by the domestic steel industry.
 
Mr. Verma also mentioned the expansion plans of the major Indian steel companies such as SAIL, Vizag Steel and NMDC. While SAIL and Vizag Steel are carrying out expansion programs to increase the steel output, NMDC is setting up a 3 million mt per year capacity steel plant in Chhattisgarh.