Steel Minister Virbhadra Singh Saturday said India's annual steel production would touch 124 millions tonnes by 2011-12.
'This year (2009-10), production would be more than 60 million tonnes, up from 56 million tonnes last year,' Singh said at a press briefing here after attending the Metals Minerals Manufacturing Expo 2009.
According to the minister, steel production grew 4-5 percent in the first seven months this fiscal and demand by 7-9 percent.
Singh said internal demand surpassed growth in production following a pick-up in sectors like infrastructure and automobile.
Later, while speaking at a seminar organised by the Merchants' Chamber of Commerce, Singh said exports of raw iron ore should be curbed and the industry should focus on exporting value-added iron ore products.
'We must adopt a policy where we should promote exporting value-added iron ore products and restrict export of raw iron ore.'
Talking about the divestment plans for NMDC Ltd, India's largest iron ore producer, and Steel Authority of India Ltd (SAIL), he said both proposals would be moved to the cabinet by December.
Both NMDC and SAIL are public sector companies.
The merger of the Orissa government-owned iron ore miner, Orissa Mineral Development Corp, with Rashtriya Ispat Nigam Ltd, the Visakhapatnam-based steel maker, would be completed in two months, said Steel Secretary Atul Chaturvedi at the press conference.
'The proposal is currently with the Company Law Board and we expect to push it in two months,' Chaturvedi said.
