llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

HE PATRICK SUCKLINGHIGH COMMISSIONER OFAUSTRALIA TO INDIA

Australia's relationship with Indiagoes back to trade links that were

established in the late-18th and early-19th centuries. The two countries share many aspectsthat help to give us a sense of commonality,including a commonwealth legacy, democraticinstitutions and sporting ties. Today, the relation-ship has entered a new phase with strength-ened people-to-people links and expandingeconomic engagement. India is now Australia'sfifth largest export market, with mineral prod-ucts featuring prominently in our trade. India isone of the largest markets for Australian cokingcoal, a key input in the production of steel. TheAustralian government is committed to furtherbuilding the bilateral relationship with India.

I wish the participants of Global Steel 2014every success in advancing cooperation in thisvitally important sector.

The Indian steel industry has beentaking a severe pounding for the pastfew years now, and is in a state of

concussion. The demand for steel is at itslowest. Domestic consumption is severelyaffected due to lack of activity in infrastruc-ture as well as in the manufacturing space.Most of the nation's major steel plants arenot operating to their full capacity due towant of demand. On the other hand, steelplants that are ready for capacity expan-sion have not been able to commissiontheir projects in time due to a host of is-sues like, land availability, environmentand other clearances, raw material issues,credit availability, and many more.

The biggest challenge facing the domes-tic steel industry is to have the per capitasteel consumption in India at par with theaverage global standards. At around 57 kgper capita of consumption, we have a lotof steps to climb to reach the global aver-age of 220 kg per capita consumption. Thedomestic market has huge potential andwe need to increase steel usage. The am-bitious infrastructure projects and thethrust in manufacturing are steps in theright direction. The plan for smart cities,improved road and rail connectivity bybuilding highways, bridges and dedicatedfreight and super fast rail corridors have

huge potential to spur domestic steel demand. However, the wrinkles in the wayof project implementation need to beironed out and the much needed policyreforms require urgent implementation toremove the bottlenecks in attaining a sus-tainable economic development of theNation. Crony capitalism and corruptionhas long been intertwined. Corruptionneeds to be controlled and there is a needto bring in a change in the attitude in theway we conduct ourselves. In the last fewyears Corruption has been identified asone of the major impediments to ourgrowth and development. However, hav-ing identified the problem, we have failedin tackling the root cause of the problem.

www.globalsteel.in

9TH INTERNATIONAL CONFERENCE ONSTEEL AND STEEL-MAKING RAW MATERIALS NOVEMBER 21-22, 2014 HOTEL ITTC MARATHA, MUMBAI

G U J A R AT N R E & T H E E C O N O M I C T I M E S P R E S E N T

ADVERTORIAL

>>

pg 15

GOODWILL MESSAGES

GLOBAL STEEL 2014Department of Industrial

Policy & PromotionMinistry of Commerce & Industry

Government of India

Government of Gujarat

SUPPORTED BYMinistry of Steel

Government of India

EARLY BIRDENDS ON

OCTOBER 31

THE ECONOMIC TIMES, KOLKATA, WEDNESDAY, 29 OCTOBER 2014

DR ROD BEDDOWSHCF INTERNATIONAL ADVISERS FOR MININGSteel faces repetitive financial crises. Yetit is a foundation industry without whichcivilised life would be more expensive

and difficult. The world will need perhaps three timesas much steel as at present, per annum, by 2050 to enable emerging nations to provide high living stan-dards for their people. The industry must generatemuch higher returns to provide the $60bn per annumto fund this growth.

If it does, then it will eliminate the need for statefunding which continuously undermines the performance of private firms and the industry as awhole. My recent book ("Steel 2050") provides ideasneeded to achieve this end and long-term financialhappiness. My presentation will outline these ideas.

CEDRIC GOODE NSL CONSOLIDATED LIMITEDDespite previously reported early recovery signs in the global economy,the global mining industry continued tobe impacted by the subdued outlook for

the Chinese economy, conflicts in the Middle-East, andsupply side factors for bulk commodities, all of whichhave negatively impacted on global commodity priceswhich have continued to fall from the record highs ofa few years ago. This has squeezed the mining andmining service industries, where share prices have fall-en and access to capital remains extremely challenging. Notwithstanding this, the changed political outlook in India, where economic growth isa priority for the new government, provides the op-portunity for the mining and steel industries to leadthe country through a growth period.

Specific to the iron-ore mining industry, adoption ofworld's best practice in government policies, approvalsprocesses, mining technology and processing technology allow significant opportunities for valueaddition of low-grade iron-ores. This is in line with thenational mineral policies of India, supports the do-mestic steel industry, provides avenues to export intoglobal markets and provides all-round increasing lev-els of revenue for the government.

R K GOYAL KALYANI STEELS"Continuous innovation for sustainability and growth" Looking at India's current political, social and economic environment, wemust acknowledge that this is a unique

time in the history of our nation. The country is at an-inflexion point and it is now up to us to make gooduse of this opportunity. Domestic and international ex-pectations from the new government are high and thechallenge will be to deliver on the same. The govern-ment has made a good beginning and announced sev-eral notable initiatives that would help reboot eco-nomic growth.

R P RITOLIA TATA STEELWith the change of government at theCentre, the ‘India Story’- as one of thefastest growing economies of the world,is again looking bright. In order to makethis happen, infrastructure, iron and

steel have to register a quantum growth. To attain ambitious projection of steel production

of +300 million tonne by 2025, the constraints beingfaced by the industry have to be addressed properlyand timely. Two key ingredients for the growth of steelindustry are the availability of iron-ore & coking coal.Whereas, we have sufficient reserve of both iron-oreand coking coal (a point which many differ), it is tragic to see that import of coking coal is increasing exponentially and the iron-ore sector is also besiegedwith numerous constraints and road blocks. In order toensure the industry confidence, government shouldcome out with a transparent and comprehensivepolicy for distribution and economical exploitation ofnatural resources. I am sure the seminar, aptly themed-Steeling the Recovery, will provide a road-map onrecovery of the steel sector - which is a sine qua non forgrowth of the nation.

JOHN JOHNSONCRU- CHINAIn a recent report celebrating CRU's 10thanniversary in China, we highlightedmegatrends in China's top commodities,including steel, over the next 10 years. At

CRU, we believe there can be no doubt that theChinese steel industry is more vulnerable to China'sslowdown and economic rebalancing than almost anyother industry - which is a significant contrast to thecurrent situation of the Indian steel industry.Anticipating the precise extent and timing of this slow-down in China is of crucial significance to the globalsteel-making and mining industry. Worldwide (in-cluding Indian), investments in steel-making capacityand raw material mining may succeed or fail based onan investor's ability to accurately predict the strength ofChinese demand. Given the lead times on such projects, decisions are being made today and partici-pants cannot afford to miscalculate. The Indian steel industry is at a different stage, and has different circumstances to China, but would do well to learnfrom the Chinese experience.

JIM NICHOLSONARGUS MEDIAIncreased price volatility - driven by aslowdown in Chinese growth even asAustralian supply increases - is prompt-ing the seaborne coking coal market to

shift to shorter-term pricing. The market is looking forgrowth in Indian imports to offset weaker Chinese de-mand and following the recent election of the pro-business BJP party, India is poised for stronger eco-nomic growth, and in turn, domestic steelconsumption. The BJP factor could also determinewhether the country remains an iron-ore exporter fol-lowing a court's lifting of an export ban, or become animporter if domestic mines are slow to re-permit anda surplus of seaborne supply keeps import prices de-pressed into 2015. More on market fundamentals andprice trends for coking coal and iron-ore will be dis-cussed during the conference.

PAUL BARTHOLOMEWPLATTSThe supply surge caused by around200 million new tons of iron-ore out ofAustralia over 2013-2014 has resultedin spot prices plunging by 40% since

the start of the year. While some are debating themerit of this expansion strategy, many millions moretons are likely to hit seaborne markets over the nextfew years - with Brazil's Vale potentially a bigcontributor. This will put further pressure on prices.Worryingly, Chinese domestic iron-ore production ismore resilient than expected and crude steel pro-duction is slowing. Lower prices have opened upother opportunities for the miners, including India.But the current price environment will dampen fur-therinvestment and only low-cost operators will sur-vive.

EDWIN YEO PLATTSSpot prices for raw materials have seena general decline this year, the mostdrastic being for iron-ore, which fell by39 % since the beginning of 2014,

while coking coal eased by 18%. Low prices in recent years have forced supply cuts in

coking coal, a trend which has not yet been fullyrealized in iron-ore. In essence, it seems coking coalalready had it's big drop in 2011-2013. Separately, awave of cheap imports of Chinese metallurgical cokehas swept into India in the last two years, making lifedifficult for local producers. This is reflected in spotprices for coke imports into India, which have fallenby 32% since the start of 2013.

However, there is still much hope from many global miners, steel and coke makers that India willemerge stronger in coming years, as urbanization andinfrastructure fuel an increase in steel demand, withWorld Steel Association forecasting steel usage in Indiato grow by 6% in 2015.

STEELING THE RECOVERY

Call for ParticipationHigh-level panel discussion on various issues, challenges and bottlenecksbeing faced by the Indian steel industry

With the economy poised to grow stronger, steel demand is expectedto be higher at around 5% in the year 2014-15 and potentially around 10% in 2015-16

The Indian economy is poised to grow much faster in 2015.Development, reforms and infrastructure are perceived tobe once again ready to take the centre stage. With the econ-

omy expected to grow stronger, steel demand is expected to behigher at around 5% in the year 2014-15 and potentially around10% in 2015-16. Leading steel producers in India expect to raiseproduction with steel prices to remain stable in 2014 backed bymoderating raw material prices. It is time that the world returns and takes note of India, one of the ‘Breakout Nations' re-deeming its rightful glory as it is poised to move to the next orbitof growth.

Against this backdrop, Gujarat NRE and The Economic Timespresent Global Steel 2014, the 9th International Conferenceon Steel and Steel-Making Raw Materials, on November 21- 22, 2014 at ITC Maratha Hotel, Mumbai. After three yearsof success at New Delhi, the political capital of India, Global

Steel 2014 has now shifted to Mumbai, the business capital ofthe country to sense the changing business sentiments.

Steel has the capacity to ignite an economy. Steel being thebuilding block, recovery, therefore would be scripted throughincreased steel consumption and demand. It is with this beliefthat the theme of Global Steel 2014 is ‘Steeling the Recovery’.

Topics of discussionGlobal Steel conference encourages maximum interaction anddelegate participation. Hence the format of the conference in-cludes a keynote presentation in each session followed by panel discussion with a galaxy of eminent panellists.This allows a free flow of idea and exchange of views among the panel members and the delegates.

J J IRANI FORMER DIRECTOR, TATA SONS

I am happy to note that the annual event of Global Steel is be-ing held in Mumbai on November

21-22, 2014. The steel industry and the supplierswho feed the steel plants, have had a bumpyride for the past year, and it is time they meetagain to discuss their mutual problems. Sincethe last meeting of Global Steel in early 2013,steel production worldwide has stagnated, andat the same time new sources of steelmakingraw materials have opened up. Inevitably, thereis a glut of raw materials. It is, therefore, very fitting for the suppliers and the users of raw materials to sit together and appreciate each others situations, and hopefully to address theirmutual problems. Global Steel 2014 is perfectlytimed ,and I wish it all success.

FLAVOUR OF SPICES AT GLOBAL STEEL

REGISTERNOW

SHARING OF ISSUES

Participation for the sessions is restricted to registered delegates ofGlobal Steel 2014 only. We would alsosend specific invitations for participationon special request and on sharing ofsome genuine issues along with solutions for discussion at the session. However, invitations would be at thesole discretion of the organisers.

PARTICIPATION

A BRIEF REPORT ON THE DISCUSSION OF THE ISSUES AND THEIR PLAUSIBLE SOLUTIONS WOULD BE PREPARED AND FORWARDED TO THE GOVERNMENT OF INDIA FOR NECESSARY ACTION

We welcome inputs on various challenges and issues that are being faced bythe steel industry for discussion at the special session by the high-level panel

>> Issues need to be practical>> Issues need to be generic in nature and not company-specific>> Issues should be accompanied with practical solutions>> We confirm absolute confidentiality if the sender of the issues desire so>> Issues may be sent to us by email at the following email id:

panel@globalsteel.in

— Continued on page 16

— Continued on page 16

www.globalsteel.in

9TH INTERNATIONAL CONFERENCE ONSTEEL AND STEEL-MAKING RAW MATERIALS NOVEMBER 21-22, 2014 HOTEL ITTC MARATHA, MUMBAI

G U J A R AT N R E & T H E E C O N O M I C T I M E S P R E S E N T

ADVERTORIALGLOBAL STEEL 2014

THE ECONOMIC TIMES, KOLKATA, WEDNESDAY, 29 OCTOBER 2014

STEELING THE RECOVERY

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NAB has been in Asia for over 40 years and currentlyhas operations in India, Hong Kong, China, Singapore,Japan and has a presence in Indonesia.

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COMMITTED TO OUR GROWTH IN ASIAFlows of trade, people and capital between Asia, Australiaand New Zealand are growing rapidly.

As customers capitalise on the deepening economic integration and migration trends between Asia, Australiaand New Zealand, NAB is committing significant invest-ments to ensure that we continue to meet the expandingbanking and financing needs.

OUR DIVERSE OFFERINGNAB provides its customers in Asia with a full suite ofbanking and financial services ranging from institutionalbanking, business banking, private banking and invest-ment advisory. NAB has also built an unrivalled reputa-tion for its depth of expertise in the natural resources, en-ergy, food and agriculture sectors.

In addition, NAB's offering includes migrant, expatriateand international student banking services to help indi-viduals moving to Australia, New Zealand or the UnitedKingdom to set up banking accounts before they arrive attheir destination.

NAB IN INDIANAB launched its first branch in India in January 2012.Located in Mumbai, the branch supports Australian andNew Zealand-based Institutional, Corporate and BusinessBanking customers operating in, or trading with India. Italso provides a link for clients looking to expand or investin Australia or New Zealand, particularly in the energy, education and agribusiness sectors.

In addition to looking after businesses, NAB's MigrantBanking team services NAB's Australian clients based inIndia, and Indians who are migrating to, or leaving tostudy in Australia, New Zealand and the United Kingdom.The branch will also offer banking products and servicesin India for retail customers.

NAB's key banking and financial services in India include:

● Deposits (Savings, Current, Term)● Loans and Advances● Trade Finance● NRI Banking● Migrant and International Student Banking

INAUGURATION AND SETTING THE TONE● Policy planners view from top

● Industry captains sharing their broad outlook

GLOBAL STEEL INDUSTRY● Global Steel Industry - Revival in

sight?

● China - soft controlled landing / stable growth

● The European steel industry - script of revival after long stagnation

● USA - How much demand can it generate?

● The changing dynamics of steel pricing amidst the volatility

INDIAN STEEL INDUSTRY● The rebirth of steel demand

growth in 2014 and acceleration in 2015

● How would it play out till 2020?

● Can India inspire an acceleration in steel demand and output?

● Resolving the issues in land acquisition and environmental clearances

● Raw Materials - met coal and iron-ore - which is the bigger concern?

● Adoption of new technology -increasing productivity and raising efficiency

RAW MATERIAL — COKING COAL● Global demand and supply out

look 2015 - 2020

● Coking coal pricing, future projections - where would it stabilise?

● Assessment of the risks facing

the coking coal market

● Will Australia remain the dominant supplier in the future?

● New coking coal sources - options for India - Mozambique

● Supply from the US and Canadato Asian markets

● China's import from seaborne market & import from Mongolia

RAW MATERIAL - METALLURGICAL COKE● Shaping up of the global coke

industry

● Effect on international trade after the lift of export tax by China

● Pricing and future outlook

● Investment in new technologies- how receptive is the industry?

● Indian appetite for coke - how would it evolve?

● Strategies of competitiveness -falling prices, low demand

● Environmental issues, will they slow or stop coke growth?

RAW MATERIAL - IRON ORE● Future of iron-ore pricing -

annual to quarterly and now monthly/daily pricing

● Does India have enough accessible iron-ore to sustain the steel firepower burning?

● Can the Indian iron-ore industrymeet rising domestic demand?

● Will Indian demand move toever-increasing pellet consumption?

● Should iron-ore be the next met coal for India - to depend on imports?

● Should India export iron-ore? Will there be sufficient for domestic steel-making?

KEY SESSIONS OF GLOBAL STEEL 2014

>> Narendra Singh Tomar, minister of mines, steel andlabour & employment, Government of India *

>> Rakesh Singh, IAS, secretary ministry of steel, Government of India *

>> Dr J J Irani, former director, Tata Sons

>> C S Verma, chairman, SAIL

>> Narendra Kothari, CMD, NMDC

>> Malay Chatterjee, CMD, KIOCL

>> Dilip Oommen, MD & CEO, Essar Steel

>> T K Chand, director commercial, RINL

>> S S Mohanty, director technical, SAIL

>> Jayant Acharya, director commercial and marketing, JSW Steel

>> R P Ritolia, advisor (coal) Tata Steel & former CMD Central Coalfields Ltd.

>> R K Goyal, MD, Kalyani Steels

>> Dipak Agarwalla, director, Saurashtra Fuels Pvt. Ltd.

>> Gerard McCloskey, founder, McCloskey Group, UK

>> Ernie Thrasher, CEO, Xcoal, USA

>> Dr Rod Beddows, senior adviser, Royal Bank of Canada for steel and HCF International Advisers for mining

>> Jim Lennon, principal consultant, Macquarie, UK

>> John Johnson, CEO, CRU China, Beijing

>> John Kearsey, head of research, SSY, UK

>> Chris Urzaa, director, commercial services, HDR, Australia

>> Cedric Goode, CEO, NSL Consolidated, Australia

>> Andrew Wells, managing editor, IHS, UK

>> Paul Bartholomew, managing editor, Platts, Australia

>> Jim Nicholson, vice-president, Asia, Argus Media, Singapore

>> Renate Cakule, snior analyst, steel and iron-ore, Wood Mackenzie, Australia

>> Edwin Yeo, editor, Platts, Singapore

>> Dr Neil J Bristow, managing director, H & WWorldwide Consulting, Australia

>> Arun Kumar Jagatramka, chairman and managing director, Gujarat NRE Coke Ltd

AN INITIATIVE OF

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CRITICAL MASS MULTILINK LTD22, Camac Street, Block - C, 5th Floor, Kolkata -16 Phone: + 91-33 - 22891471, Fax: + 91-33-22891470

Email: contact@globalsteel.in • www.globalsteel.in

For further details contact

Sutirtha Roy +91-9879019880Korak Basu +91-9874249448

— Continued from page 15

Instead, the public and social outcryagainst corruption has resulted in a to-tal paralysis in the system.

We, in an Abhimanyu-like fashion,have entered the chakravyuh of corruption with no knowledge ofstriking at it or the means to conquerit; with the result that the whole country is suffering and an entiregeneration may be lost in recoupingunless we act in time. With the newgovernment at the centre, it is the righttime to change the course of history,break and finish the chakravyuh ofcorruption and to move forward.

The ease of doing business needs tobe improved by relieving the industryfrom the burden of excessive and badregulations. We need to scrutinize ourregulations which discourage trans-parent and ethical businesses to flour-ish. In certain cases the numbers ofregulations and laws cross epic pro-portions, making implementation

subjective, and thus resulting in corruption. We need to understandthat tough laws or tough punishmentsare not deterrents to crime. Sincetougher the law or the punishment, violation would be more with a higherpayout. We need laws that can becomplied by the majority of Indian citi-zens and non-compliance be metwith certainty of punishment.

The panel discussion would try toanalyse the bottlenecks that theIndian steel industry face and would

attempt to hash out and proposeworkable solutions, which we canadopt as an industry. We would alsolike to send a detailed report of our re-sults to the government of India forinputs and necessary action. The silverlining that makes this panel discussionmore relevant is, that the governmentof the day acknowledges the chal-lenges faced by the industry and is re-ceptive to suggestions and is willing tobring growth back on track. We as anindustry understand that there is nomagic wand that the government maywield to bring about the desiredchanges instantly.

However, it needs to be understoodthat time is running out and it is nowor never for the country. This urgencyarises from the fact that the industryhas been reeling under the downturnfor last six years, and a further prolonged paralysis will be lethal.Thus an immediate booster dose is required to revive the key areas of India's development model.

Call for participation

* Invited

SPEAKERS AT GLOBAL STEEL 2014

With the new governmentat the centre, it is theright time to change thecourse of history andbreak and finish thechakravyuh of corruptionand to move forward

— Continued from page 15

>>

pg 16