Steel companies to add 29 million tonnes capacity in 5 years: Reports
According to news reports, Steel companies are planning to begin expansion projects amid the rising steel prices. In the light of the current scenario, it is expected that around 29 million tonnes capacity would be added, with most of it expected by FY2024.
JSW is looking forward to add 14.8 million tonnes across Dolvi (Maharashtra), Vijaynagar (Karnataka) and at Bhushan Power & Steel facility in Jharsuguda (Odisha).
Tata Steel has restarted its five million tonne expansion project at Kalinganagar (Odisha). Jindal Steel & Power (JSPL) is looking to add 6 million tonnes at Angul (Odisha). In addition, NMDC's Nagarnar Steel Plant, is expected to commission its three million tonne greenfield steel plant. All put, the expansion projects add up to about 29 million tonnes, according to reports.
The restart of these expansion projects is aimed at addressing any apprehensions around shortage of steel in India.
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