Steel industry grew 3 per cent in 09 on growth in infra, manufacturing and auto sectors: Ernst & Young report
12 Feb 2010
India's steel industry registered a 3 per cent growth in 2009 on the back of sustained growth in infrastructure, manufacturing and automobile sectors despite the recession according, to industry players.
Indian steel manufacturers, in a document released at the Global Steel Conference in Panaji (Goa) said yesterday that steel sector grew 3 per cent during 2009.
The three-day conference, which opened yesterday, has been organised by Gujarat NRE and The Economic Times near Panaji in Goa.
The document released by consultancy firm Ernst & Young says, "While steel production worldwide dipped by eight per cent in 2009, it registered three per cent growth in India during this period."
"India's steel industry stood out significantly in the global arena due to its demonstrated resilience during the downturn period," it adds. The industry says steel production was down due to a decline in the real estate and housing sector during the global recession.
India, which is the fifth largest steel producer in the world would become the second largest steel producer by 2015 according to the industry's projections.