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India to become second largest steel producer in world: Steel Minister

02 Nov 2012 Evaluate

With the continuing expansion plans of steel majors, like Rashtriya Ispat Nigam (RINL) and Steel Authority of India (SAIL), the Steel Minister Beni Prasad Verma has exuded confidence that India is likely to become the second largest steel producer in the world. Steel capacity in the country has increased from 66 million tonne (MT) in 2009 to 90 MT in 2012, while per capita steel consumption in the country has surged from 38 kg to 59 kg.

In 2010, India had slipped one rank to become the fourth largest steel producer, with 68.3 million tonne (MT) of output. Currently, China has topped with the largest steel production, while Japan and US holds second and third positions respectively. He also emphasized the importance of conserving raw material resources in the country and added that the Centre has raised the export duty on iron ore to 30% for discouraging export of iron ore.

He stressed that the government has given due significance for R&D in the areas of beneficiation, pelletization etc and pointed that the ‘National Steel Vision’ which will aid in promotion of steel sector is being finalized. The Minister also pointed out that a Steel Innovation Committee has been formed in the Ministry for promotion of innovative ideas in the sector. Apart from the Steel Minister; the Secretary of Ministry of Steel Shri D R S Chaudhary and other senior officials of the Ministry, CMDs of Steel Public Sector Undertakings also attended the meeting.

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