The annual steel production of state-run steel major SAIL is set to reach 7.50 crore tones in the next three years, company Chairman C S Verma said.
During the next three years, the total annual production of steel was set to reach 7.50 crore tonnes and by 2020 it would touch 18 crore tonnes, he said at a function at SAIL Refractory Company Ltd (SRCL), formed recently by merging the Burn Standard Refractory Company with SAIL.
Use of refractory material, an essential commodity used in the production of steel, would also increase, he said expressing hope that SRCL would be able to meet this demand.
According to Varma, the global demand was 4.50 crore tonnes of refractory material and India consumes 25 lakh tonnes. SAIL alone needs 40,000 tonnes of refractory material, he said.
SAIL imports about 50 per cent of the refractory material required for its needs while the balance was produced by itself, he said.
With the merger of Burn Standard Refractory Company, all the employees would stand to benefit on par with their colleagues in SAIL, he said.
Rajya Sabha MP Tiruchy Siva said following the merger of Burn Standard Refractory Company with SAIL, similar steps would be taken to merge sick PSUs.
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