Tata Steel says positive growth in steel sector, trend to continue

Tata Steel Ltd CEO and Managing Director T V Narendran today said the steel sector has been witnessing a positive growth and this trend will continue with improving economic activities across the world.

Talking to reporters after hoisting the Tricolour on the occasion of the 72nd Independence Day at Tata Steel works here, he said the current demand for steel in the country is more than expected, buoyed by robust performance of the automobile and construction sectors.

The demand for steel was projected to grow by 5-6 per cent, but it has been 8 per cent, Narendran said.

The top Tata Steel official also hailed the initiatives taken by the state and the Union government for the betterment of the steel sector.

On the stock market consistently hitting new highs, Narendran said it was primarily because of the inflow of domestic savings through mutual funds. Investors pumped a staggering Rs 10,585 crore in equity mutual funds in July, mainly driven by strong corporate earnings and near-normal monsoon, according to data from the Association of Mutual Funds in India.