Steel Minister Asks Companies To Raise Capex By 80% Till 2030-31

Government on Tuesday directed major steel companies namely Steel Authority of India Ltd (SAIL), NMDC and Rashtriya Ispat Nigam Ltd (RINL) to ensure that their capital expenditure (capex) rises by 80 per cent from the current levels to reach 45 million tonnes per annum by 2030-31.

The current capacity of country's steel companies is around 25 million tonnes per annum.

Steel Minister Ram Chandra Prasad Singh gave this direction to steel companies while reviewing their capex in a meeting held today.

Government has set the capex target for state-owned steel companies at Rs 1,3156.46 crores. 

During the meeting with steel companies, Mr Singh asked them to be in sync with their monthly capex plans and monitor projects to ensure their time-bound implementation.

Steel entities' plans under the National Steel Policy (NSP) 2017 were also discussed during the meeting with the minister. The policy envisions creating a globally competitive steel industry in India by achieving 300 million tonnes steel-making capacity and a per capita consumption of 158 kg.