India Emerged As The World’s 2nd Largest Producer Of Crude Steel
India emerged as the World’s 2nd largest producer of crude steel
Union Minister of Steel and Civil Aviation, Sh. Jyotiraditya M. Scindia has stated that India has moved from 4th largest producer of crude steel to the second largest producer of crude steel from 2014-15 to 2022-23 standing just behind China which is the largest exporter of crude steel in the world. Crude steel output in India has increased by 42% from 88.98 MT (Metric tonne) in 2014-15 to 126.26 MT in 2022-23.
Overview of the news
• India stands as a net exporter of steel witnessing an export of 6.72 MT of finished steel against the import of 6.02 MT in the year 2022-23.
• Total completed steel production in fiscal year 2022-23 alone was 122.28 MT, a 49% increase from 81.86 MT in fiscal year 2014-15.
• In the past 9 years (2014-15 to 2022-23), Steel CPSEs viz. SAIL, NMDC, MOIL, KIOCL, MSTC, and MECON, used ₹90,273.88 crores of their own resources for CAPEX(Capital expenditure) and paid a dividend to the Government of India to the tune of ₹21,204.18 crores.
Future Policies
The National Steel Policy formulated by the Government of India in 2017 to promote the growth and development of the steel industry in the country has set the targets of achieving the total crude steel capacity of 300 MTPA(Million Tonnes Per Annum) and total crude steel demand/production of 255 MTPA by 2030-31. It is also planned to increase SAIL's operational capacity of crude steel production from 19.51 MTPA to roughly 35.65 MTPA by 2030-31.
Under the PLI(Productive linked Incentive) scheme, the Government has approved Rs. 6322 crores to give a new impetus to the Steel sector. Shri Scindia said that the PLI scheme is expected to generate an investment of about Rs. 30,000 Crores and additional capacity creation of about 25 Million Tonnes of specialty steel in the next 5 years.
World’s top 10 steel producers
|
Country |
Mar 2023 (Mt) |
|
People’s Republic of China |
95.7 |
|
India |
11.4 |
|
Japan |
7.5 |
|
United States of America |
6.7 |
|
Russia |
6.6 |
|
South Korea |
5.8 |
|
Turkey |
3.3 |
|
Germany |
2.7 |
|
Brazil |
2.7 |
|
Iran |
2.2 |
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