Steel output seen at 60 mln tonnes in FY10
KOLKATA (Reuters) - Steel production in India is likely to be about 60 million tonnes in the financial year ending March 2010, up from 56.39 million tonnes in the previous year, Virbhadra Singh, minister of steel, said on Saturday.
"In the last six months, demand for steel in India has grown at around 7 to 9 percent. In the same period production has grown by 3 to 5 percent," he told reporters at a news conference.
He said sectors such as infrastructure, housing and autos were fuelling demand for the metal as growth revives in Asia's third biggest economy.
The minister added that stake sales in state-run Steel Authority of India and minor NMDC will start in the current financial year.
The two companies are among about 60 state-run firms in which India aims to sell stakes in the coming years, with offers for NTPC and Rural Electrification Corp expected by end-March 2010.
(Reporting by Niladri Bhattacharya; Writing by Nishant Kumar; Editing by Alex Richardson)
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