India to become 2nd largest steel producing country after China: Steel Ministry

12 Sep 2018 Evaluate

Highlighting strong performance of the secondary steel sector and various initiatives taken by Government to improve performance of steel sector, the Steel Ministry has said that it is expecting India to rise to the second position in global steel output after China. The Ministry further underlined that growing in conjunction with the primary steel sector, the secondary steel sector holds enormous potential for growth and opportunities in the country. Currently, with about 6% share in the total world crude steel production, India occupies the third position behind China and Japan. The steel industry in India contributes nearly 2% to the country's gross domestic product (GDP).

Moreover, the ministry highlighted that one of the significant aspects of the secondary steel sector is that it reaches out to millions of people in the rural areas, meeting rural demand. The ministry further added that this sector has certain specific advantages over the primary steel sector such as lower capital and land requirements and the capability to produce special sections and customized products. The secondary steel sector comprises various sub-sectors such as sponge iron units, re-rolling mills, cold rolling mills, galvanising units, wire drawing units, and tinplate producers with annual production capacity of less than 1 million tonne and they meet the country's demand for value added steel products.

Besides, enumerating the steps to promote secondary steel producers besides instituting award, the government stated these included supporting energy efficiency projects and R&D activities, strengthening institutional support and protecting domestic producers from below-cost import from foreign countries through anti-dumping measures. The ministry will be giving away awards to the secondary steel sector on September 13, 2018 in New Delhi. The awards have been instituted in order to encourage the secondary steel sector as it plays a key role as a growth engine for the national economy and employment generation.

Additionally, the National Steel Policy 2017 has set a target of 300 million tonnes per annum (MTPA) of production capacity by 2030. The production capacity in 2017-18 has already reached 137.97 million tonnes (MT). The World crude steel production in 2017 registered a growth rate of about 5.3% as compared to the previous year. The global production in 2017 stood at 1691.2 million tonnes.

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