Speaking during the Global Steel Dynamics Forum, Narendran, who accepted the Willy Korf/Ken Iverson Steel Vision Award, said steel growth is expected to exceed GDP growth as the country builds out infrastructure and expands its middle class.

Although India’s national goal is to have 300 million metric tons of capacity by 2030, Narendran said he doesn’t believe the country will reach that mark so quickly. He pointed out that China was adding 30 to 50 million metric tons of capacity annually at the height of its steel industry growth. In India, he said, the industry is likely to see 10 million metric tons added per year.

“We are a very noisy democracy,” he said. “Building steel takes some time.” Even then, he said, capacity will follow demand, with production intended for domestic markets.