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India to double steel production by 2011-12

India is aiming to more than double its steel production to 124 million tonnes by 2011-12 and further raise it to 280 mt by 2020.

The Steel Ministry, Ram Vilas Paswan, was of the view that high quality iron ore, the reserves of which in the country are very limited, should not be exported or their export discouraged through high export duties.

The exports cannot be fully stopped as iron ore mines employ some 500,000 people and their employment cannot be risked, he had said.

The global economic slowdown has seen growth in steel consumption in the country fall to 1.75% from a high of 13%. Also, prices of steel products have fallen since June.

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