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India to lead the world steel output growth by 2030: World Steel Association

21 Apr 2015 Evaluate

Piping china, India is estimated to lead the world steel output growth, which is expected to touch 2,000 million tonnes by the turn of 2030, by growing at pace of 25% since 2014, according to an industry body. World Steel Association highlighted that world crude steel output is expected to jump by 400 million tonnes by 2030 from 1,600 million tonnes in 2014, largely supported by growth in India.

India had lost its “No 3 slot” to the US in 2009, however World Steel Association highlighted that future demand in the country will be fuelled by population growth in the emerging world, processes of urbanization and industrialization. However, Modi led government has set a target of trebling the steel output to 300 mt by 2025, and also eyes the No 2 slot by 2020. Driven by the rapid growth in China, which is the largest consumer and producer of steel, the global steel industry doubled from 800 million tonne in 2004 to 1,600 million tonne in 2014. However, the share of China which contributes to over 47% of the world's steel production is declining.

Notably, World Bank Association underscored that China had reached the upper end of the growth curve and was witnessing a real slowdown, while it highlighted that the future of Indian steel industry remains to be bright.

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