NEW YORK, Sept. 27, 2011 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Steel Industry is a booming Industry all over the world. The increasing demand for it was mainly generated by the development projects that have been going on along the world, especially the infrastructural works and real estate projects that has been on the boom around the developing countries. It has been observed that Steel Industry has grown tremendously in the last one and a half decade with a strong financial condition. The Annual Report 2010-11 by the Ministry of Steel, supports the above fact as India has emerged as the fifth largest producer of steel in the world and is likely to become the second largest producer of crude steel by 2015-16. Steel production rose 4.5 per cent to reach 50.59 MT in 2010-2011, according to the Ministry of Steel. The steel consumption over 2010-2011 period was reported 44.28 MT in India and increased by 8% over the previous year. The National Steel Policy 2005 had projected an annual steel consumption growth of 7 per cent based on GDP growth rate of 7-7.5 per cent and production of 110 MT of crude steel by 2019-2020. Nonetheless, with the current rate of ongoing greenfield and brownfield projects, the Ministry of Steel has projected that these growth trends are likely to be exceeded and it is envisaged that in the next five years demand will grow at higher annual average growth rate of over 10 per cent.
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