MUMBAI: Essar Steel today said it aims to achieve 25 per cent market share in auto-grade steel over the next couple of years through strategic alliances and new product development.Automotive high strength steel grades maintain the safety standards of vehicles, while improving fuel efficiency through lightweighting The company has developed the new product for automotive manufacturers in response to market requirements for stronger and lighter steels. "Currently, we enjoy 18-20 per cent of market share and aim to achieve market share of 25 per cent in auto-grade steel over the next couple of years. Even the commercial vehicle segment is growing at over 10 per cent. The new steel policy envisages that the steel demand for auto industry will be in the band of 10 MT by 2030.The steel ministry has also highlighted that the value addition for auto should be fast-tracked in the country. It has developed various new high-strength products for auto sector to reduce weight of vehicles and increase fuel efficiency.The company has developed new-generation crash resistant steel, high-strength cold rolled steel and dent-resistant steels.

Source: Economic Times June 25, 2017 10:18 UTC