India must aim to become No. 1 quality steel producer: Min

Union Minister Chaudhary Birender Singh said the Indian steel sector is "full of opportunities" and the country must aim to grab the numero uno position in quality steel production.

India surpassed Japan to become the second largest steel producer. India's steel output grew 3.43 per cent to 8.43 million tonnes (MT) in February. The country is also the largest producer of stainless steel in the world.

"Indian steel industry is full of opportunities and we are already second largest steel producer (of crude) and must aim to become number one in quality steel by diversifying into wide range of high-quality products," the steel minister said.

He said this while felicitating the winners 'My Love Steel Idea Contest' organised by his ministry for coming up with best innovative business ideas in the sector.

The steel ministry would continue to encourage new ideas and innovation in the steel industry for making steel an integral part of daily lives, he said.

The competition saw 68 entries, out of which three ideas were short-listed. The person who stood first was awarded a prize amount of Rs 5 lakh. The second and third were awarded a sum of Rs 3 and Rs 2 lakh each.