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India’s steel production surges by 5.3% in January-September 2011

25 Oct 2011 Evaluate

During the first nine months of the current financial year, country’s steel production grew by 5.3%, which is less compared to the world’s average growth of 8.2% and China’s 10.7% in the same period of time.  As per the World Steel Association's latest data, India’s production of steel stood at 53.9 million tonne in January-September 2011 compared to 51.1 million tonne in the same period last year.

On the other hand, steel production of China, which is also the largest steel producer and consumer of steel, stood at 525.7 million tonne in January-September compared to 474.9 million tonne in the same period of last year. The World Steel Association's report showed that China produced around 125 million tonne more steel in January-September 2011 compared to the same period of 2009. In contrast, during the same period, India could produce only 7 million tonne more steel compared to 2009.

China’s steel production is highest in world and it also helps to increase the world average production of steel. Its production also makes Asia’s production more than half of the world’s production, which stood at 1,133.8 million tonne in January-September 2011, and Asia’s production of steel was around 728.3 million tonne in the same period of time. 
   
As per the data, China was followed by Japan, the United States which made India the fourth largest producer of steel. However, Russia and South Korea are closely trailing India. In January-September, Japan produced 81 million tonne steel, whereas United States produced around 64.6 million tonne. On the other hand, Russia and South Korea produced 51.8 million and 50.6 million tonne in January-September 2011.

Country’s steel output has increased significantly from crude steel production, which was less than 22 million tonne in 2000 to 70 million tonne in 2010. The government expects India’s steel market to reach around 180-200 million tonne by 2020 and around 500 million tonne by 2050.

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