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Article: India : Foreign Steel Makers Look to India for Expansion.
- Article from:
- TendersInfo
- Article date:
- September 30, 2009
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A persistent slump in demand for steel that has left plants idled worldwide for nearly a year is pushing top global producers to expand in India, which along with China is a rare bastion of growth.
Strong local demand driven by infrastructure projects and rebounding car sales has led big foreign steel makers to seek out investments in a fragmented local industry after efforts to develop independent projects met with delays.
India is on the radar of most companies given the lucrativeness of the market, said Rakesh Arora, an analyst at Macquarie Research. India has both demand growth and cheap iron ore going for it.
Midlevel firms including Usha ...