Europe, China should consider relocating excess steel capacity to India, Naveen Jindal says

A view inside a steel production facility at Shanxi Zhongsheng Steel in Fenyang, Shanxi Province, China, April 28, 2016. REUTERS/John Ruwitch/Files

European and Chinese steelmakers should consider relocating their excess capacity to India where demand is still increasing, the chairman of Indian firm Jindal Steel and Power said on Monday.

India plans to almost double annual steel production capacity to 200 million tonnes by 2025, Naveen Jindal told a conference in Beijing. His own firm is planning to raise capacity from 8 million tonnes a year to 15 million tonnes in the next 2 to 3 years, he added.