India retains position as world’s No.3 steel producer

India’s annual crude steel production rose by 6.2 per cent in 2017, marking the highest growth among the world’s top 5 steel producers; Meanwhile the global crude steel output rose by 5.3 per cent to 1.7 billion tonnes

February 24, 2018

India is preceded by Japan which produced 104.7 million tonnes of crude steel, while China topped the list with a 5.7 per cent increase in steel output to 831.7 million tonnes.

The Indian steel sector has been driven by domestic availability of raw materials such as good quality iron ore and cost-effective labour, thus aiding the nation’s industrial prowess.

Along with the steady modernisation of the national economy, India’s total consumption of finished steel grew by 5.2 per cent to 64.9 million tonnes during April-December 2017.

The USA and Russia made up the other two countries among the top 5 steel producing nations with output of 81.6 million tonnes and 71.3 million tonnes, respectively.

India’s annual crude steel production rose by 6.2 per cent to 101.4 million tonnes in 2017, according to a report by the World Steel Association on January 24th. This helped the nation retain its position as the world’s third largest crude steel producer for the third year in a row. Meanwhile, global crude steel output rose by 5.3 per cent to 1.7 billion tonnes last year. India is preceded by Japan which produced 104.7 million tonnes of crude steel, while China topped the list with a 5.7 per cent increase in steel output to 831.7 million tonnes. Annual steel production in Asia rose by 5.4 per cent to 1.2 billion tonnes.

The growth in the Indian steel sector has been driven by domestic availability of raw materials such as good quality iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India’s manufacturing and industrial prowess. The Indian steel industry has steadily striven for modernisation and upgradation of older plants and higher energy efficiency levels. India’s finished steel exports rose 52.9 per cent in April-December 2017 to 7.6 million tonnes, while imports increased by 10.9 per cent to 6 million tonnes. Along with steady modernisation of the economy, India’s total consumption of finished steel grew by 5.2 per cent to 64.9 million tonnes during April-December 2017.

The USA and Russia made up the other two countries in top 5 with steel output of 81.6 million tonnes and 71.3 million tonnes in 2017, respectively. The five other nations in the top 10 ranking of steel producers included South Korea, Germany, Turkey, Brazil and Italy. Meanwhile, the 28 EU nations produced 168.7 million tonnes of crude steel, an increase of 4.1% from 2016. The World Steel Association is one of the largest and most dynamic industry associations in the world. Worldsteel members represent about 85% of the world’s steel production, including over 160 steel producers with 9 of the 10 largest steel companies, national and regional steel industry associations, and steel research institutes.