ET reported that domestic manufacturer Essar Steel will produce the targeted 3.6 million tonne of the metal by the end of this fiscal as it has no plans to trim output and sees demand for the commodity picking up in the near future.
Mr J Mehra CEO of Essar Steel Holdings said that "We will reach the targeted steel output of 3.6 million tonne by the end of this fiscal. We will not be cutting production. H1 of the fiscal was good and we see the demand picking up in the second half."
Mr Mehra said that Essar Group firm sees demand for the commodity coming from the Asian market even as it maintained that global steel off take will remain flat.
He said that "Globally, steel demand will be flat, but Asian demand is poised to grow. There will be no cut in steel production. Our prices will be in line with the market."”
Essar Steel, which runs a 4.6 million tonne per annum capacity steel plant at Hazira in Gujarat had recorded an output of over 3 million tonne by the end of last fiscal.
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