Most of those watching closely the mining and steel market are eagerly waiting for something special to happen in the coming days, something that would diminish the fear of the unknown and take the industry boldly forward. The reality is indeed worrying.Growth in mining and quarrying sectors has nosedived to -2.2% in the current fiscal as opposed to 5% growth in last year. Construction sector is growing at 4.8% in 2011-12 against 8% clocked in the previous year.Manufacturing industry comprising around 80% of the industrial output has notched 3.9% growth in the first 10 months as opposed to 9% growth same period of last year. The impact on steel consumption was direct as it has gone up by a meagre 4.7% in the first 10 months against a corresponding growth of 6.2% last year.
Source: Financial Express
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