Kolkata: Steel Authority of India Ltd (SAIL) is aspiring to raise production capacity to 60 million tons yearly by 2020, when the country’s demand for the alloy is 200 million tons.

S K Roongta, SAIL Chairman, stated, “The demand for steel in the country has been projected at 200 million tons by 2020 and SAIL will maintain its 30 per cent market share.”

On the sidelines of an interactive session with the Merchant’s Chamber of Commerce, Roongta told, “We are now working on a corporate plan for 2020.”

Roongta also said that SAIL was in full swing with its retooled plan to swell hot metal fabrication from 13.5 million tons to 26 million tons rather than 22.5 million tons by 2010.

Earlier, the company had stated that it would invest about Rs 44,000 crore to lift up production, primarily through brownfield development in all its five integrated steel plants, comprising IISCO.

Roongta told 50 per cent of the spending for capacity development would be fulfilled through internal accruements and balance through debt.

Roongta also canted over for the combination of another state-owned unit Rastriya Ispat Nigam Ltd with the company.

"As far as SAIL is concerned, we are for the merger as there are lots of synergies between the two companies," he said.

Stating that merger offer still subsisted, Roongta said that the administration that was the proprietor of both the companies would have to take a call on it.