Steel Ministry eyes Japanese players to invest in India

New Delhi: Union Steel Minister Dharmendra Pradhan met officials of Japanese steel companies Nippon Steel, Daido Steel and JFE Steel Corporation in Tokyo and invited them to invest in India. Pradhan, along with senior officials of the ministry, is in Japan to attend the two-day Global Forum on Steel Excess Capacity (GFSEC). His meeting assumes significance as steel companies in Japan have shown interest in investing in India.

“Met with representatives of Daido Steel Co Ltd in Tokyo. Daido is one of the world’s largest specialty steel manufacturers also dealing in high-performance materials, magnetic materials, parts for the automobile industry and industrial equipment,” Pradhan said in a tweet.

While Daido Steel has a good presence in India through its joint ventures and various subsidiaries, Pradhan said he discussed with the company’s officials ways to further strengthen cooperation through technology transfer and sharing of best practices to make the local steel industry more cost-effective. Pradhan also met officials of Nippon Steel Corporation and apprised them about India’s large market with a growing economy and steel consumption.

As per estimates, India is world’s third-largest steel-consuming country. The government aims to increase the per capita steel consumption to 160 kg by 2030.

In a separate tweet, Pradhan said, “Met with Mr Katsuhiro Miyamoto and Mr Taisuke Nomura from Nippon Steel Corporation’s Global Business Development team. India has a large market with a growing economy and steel consumption. Nippon is enthusiastic to expand its investments in India. Invited them to bolster their presence under the #MakeInIndia initiative of Modi Govt. and participate in India’s growth story.”

Nippon, he said, is amongst the largest steel makers in the world, providing products for construction sector, automobiles industry, locomotives, and shipbuilding, among others. The minister also met senior management of JFE Steel Corporation, which is one of the largest steel manufacturers of Japan.

In another tweet, Pradhan said he met JFE Steel Corporation Vice President Masayuki Hirose. The minister said he informed JFE officials that India is one of the best investment destinations with a large market, rising demand and highly supportive business environment. “JFE has a long association with Indian steel sector and is keen to expand its presence in India. Invited JFE to expand its footprint in India,” Pradhan said.