Steel output in India up by 3% from Jan-Sept 2013, much ahead compared to Japan and US.
Indian Steel industry is one of the major contributors of the country’s economic growth and development. India remained 4th largest crude steel producing country of the world for 2013. It is expected that India will soon be ahead of its major competitors like Japan and US in steel production. By 2014, Steel sector is expected to gain momentum and domestic demand for steel is predicted to grow from 5.9% to around 7%. India’s output rate for the Jan-Sept 2013 was the second best in the world, following China among the major producers of the world. The total production of crude steel for the Jan-Sept period of 2013 in India stood at 59.62 MnT recording a growth of 3%. While the output during the same period last year was 57.90 MnT.
China reported an 8% increase in its production, which stood at 587.4 MnT during Jan-Sept, 2013. Following closely were Japan and US whose production stood at 82.4 MnT and 55.2 MnT respectively. Although their production was more than that of India, but their growth rate was comparatively less. Japan on one side recorded a growth of 1.4% compared to the preceding fiscal. While on the other side, US reported a negative growth of 4% compared to previous fiscal.
Overall Steel production in the world however, has increased by 2.7% during Jan-Sept, 2013 and was 1,186.2 MnT compared to 1,154.8 MnT of the same period last year.
Ministry of Steel, India, aims to produce around 200 MnT crude steel annually by 2020 from the current annual production of around 120 MnT. Steel sector is critical for a country as it connects many industries such as infrastructure, automobile, engineering, construction, aviation, pipes and tubes etc. These industries depending on steel have a very major role in economic growth of the country.