India emerges as the world's second largest producer of crude steel

Tags: National National News

According to the Union Minister of Steel and Civil Aviation, Shri Jyotiraditya M. Scindia, India has moved from the fourth largest producer of crude steel to the second largest producer.

An Overview of the News

• From 2014-15 to 2022-23, India sees a 42% increase in crude steel production, from 88.98 MT to 126.26 MT.

• China remains the largest exporter of crude steel globally and India has emerged as the second largest producer.

• India is a net exporter of steel, exporting 6.72 MT of finished steel in 2022-23, while importing 6.02 MT.

• In the financial year 2022-23, India is expected to produce 122.28 MT of finished steel, showing a growth of 49% as compared to 81.86 MT in 2014-15.

• Steel CPSEs (SAIL, NMDC, MOIL, KIOCL, MSTC, and MECON) mobilised ₹90,273.88 crore of their own resources for CAPEX from 2014-15 to 2022-23.

• Steel CPSEs paid a dividend of ₹21,204.18 crore to the Government of India during the same period.

Top 10 steel producing countries in the world by March 2023

1. People's Republic of China: 95.7 million metric tons (MT)

2. India: 11.4 MT

3. Japan: 7.5 MT

4. United States: 6.7 MT

5. Russia: 6.6 MT

6. South Korea: 5.8 MT

7. Türkiye: 3.3 MT

8. Germany: 2.7 MT

9. brazil: 2.7 MT

10. Iran: 2.2 MT