Bokaro, Jan 28 (IANS) Union Steel Minister Virbhadra Singh Thursday said the Bokaro Steel Plant would become the largest steel producer of the country by 2011-12 after the completion of its expansion and modernisation programmes.
The Bokaro Steel Plant (BSP) expansion, undertaken by the Steel Authority of India Ltd (SAIL), entails an investment of Rs.11,000 crore to ramp up production from the existing 4.36 million tonnes to 7.5 million tonnes by 2011-12 after its first phase of expansion, he said, adding the plant’s production would increase up to 14 million tonnes after the second phase.

He, however, did not reveal when the second phase will finish.

In Bokaro to participate in the parliamentary consultative committee meeting of his ministry, Singh also expressed confidence that the country’s annual steel production would reach 124 millions tonnes by 2011-12. The present annual production is 45.8 million tonnes.

“I am happy to announce that we can easily reach a production of 124 MT by 2011-12 and have also set a new target,” he said.

The minister said all the steel plants across the country would go in for capacity expansion, which must be completed by 2011-12.

Singh stressed the need to increase the production capacity of steel in the country to meet the rising consumption demand, adding projects such as Bokaro’s expansion and modernisation would help in these efforts.

“India needs to graduate from the 5th position in global steel production to the 2nd position by 2012,” he said.