International Iron and Steel Institute has ranked India as the seventh largest steel producer in the world with an overall production of about 40 million tonnes in 2006, Lok Sabha was informed on Monday.The Minister of State for Steel Akhilesh Das informed the House that India's ranking in terms of annual steel production increased from ninth in 2004 to seventh in 2006.
He said the government is not taking any direct steps to push India's global ranking but considering the importance of the sector, it is aiming at achieving production level of 110 million tonnes by 2019-20.
Replying to another question the minister said, IISCO plant of SAIL has incurred a loss of Rs 407 crore (Rs 4.07 billion) since 2005-06 due to obsolete technology of production.
"The government would invest Rs 9,592 crore (Rs 95.92 billion) in the next three years to revive IISCO. The modernisation and upgradation plan has been approved by SAILs board," Das said.
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