Steel Authority to Quadruple Output by 2020, Press Trust Says

By Pratik Parija

Aug. 31 (Bloomberg) -- Steel Authority of India Ltd. plans to raise its annual hot metal production to 26.2 million metric tons by March 31, 2011, from 14.6 million tons currently, Press Trust of India said.

Output will be raised further to 60 million tons by 2020, the news agency said, citing from the company's annual report.

Steel Authority, the nation's second-biggest producer, spent 21.81 billion rupees ($496 million) of its own cash during the year ended March to enhance capacity, the report said.

The company has formed a joint venture for a 2.2 million ton cement plant that will use slag from the Bokaro steel mill as raw material. Production will begin by March 2010, the report said.

Steel Authority is looking for a partner for another cement plant at its facilities in Rourkela, the report said.

Slag, separated from metals in the process of smelting, is often used in the construction of roads.

To contact the reporter on this story: Pratik Parija in New Delhi at pparija@bloomberg.net.