India has today emerged as the biggest producer of Sponge Iron in the world. This growth has been propelled by the availability of high quality iron ore and non-cocking coal in the country. Owing to this fact many clusters of small scale and medium scale units developed in states like Chattisgarh, Orissa, Andhra Pradesh and Karnataka which are blessed with the valuable raw material. The number of units in and around these states still continue to grow today, as the industry is in the middle of a boom with prices being stable following a period of persistent fluctuation. The current sentiment in the market is also bullish on the immediate future and all figures points towards continued optimism.

India's Iron ore reserve and it's availability for commercial use has now become a point of contention and debate between the policy makers, steel producers and the mine owners. This has been bought about by increasing exports and stiff competition being witnessed in the marketplace. The climate for Iron ore mining and the possibility of attaining one on lease is not as straight forward as it once was. And also the prospect of raw material supplies being stretched is now a realistic possibility when one goes by the current trend.

The question that this throws up is, how are things likely to shape up in the future for the players who are currently riding a wave of optimism and buoyancy prevalent in today's market ? It is therefore not a mere coincidence that the Govt. of India has imposed export duty on Iron Ore exports. Issues such as generation of power or Co-Generation module, the idea of Integrated Mini Steel Complexes, financing and viability of such projects, still requires careful and detailed consideration and discussions. All these topics have to be handled very prudently to safeguard, secure and encourage the industry going forward. This is exactly where the Iron and Steel Summit '07 comes into the picture.