Steel major Tata Steel on Tuesday said it is optimistic about prospects of the domestic steel sector, and hopes to ramp up the production capacity of its Kalinganagar plant to capture growing opportunities.
Addressing shareholders at the company’s 110th annual general meeting here, Tata Steel chairman N Chandrasekaran said the global steel demand is expected to grow at 1.3 per cent in 2017 and 0.9 per cent in 2018.
The demand for steel in China will remain flattish while in Euro zone it will be mildly positive. Steel demand in the country is expected to grow significantly at 6-7 per cent per annum in the next two years, he said.
“We are optimistic of 2017-18 being a better year for the domestic steel industry and we are set to capture these opportunities. We will endeavour to ramp up our production capacity, particularly at Kalinganagar, and leverage our new and differentiated product range,” Chandrasekaran said.
The plant achieved the fastest ramp-up for a greenfield project and it will be an important growth driver for the company, he said.