India defies world losses with steel output growth

Mumbai

AT A TIME when a surplus is forcing steel mills to close around the world, India's debt-laden producers are ramping up to supply more of the metal than ever.

Steel Authority of India, Tata Steel and JSW Steel - which all posted losses last year - are targeting record output in 2016 and want to almost triple capacity over the next decade. They expect demand in the world's third-largest producing country to grow at about quadruple the current rate as Prime Minister Narendra Modi embarks on huge investments in new railroads, highways and ports, including US$44 billion pledged for this year.