India's steel production grew by 6.3 per cent, almost half the rate of global output, during July 2011, over the corresponding period last year. Steel production in India stood at 6.16 million tonnes in July as against 5.79 million tonnes same month last year, according to the World Steel Association. During this period, the world steel output grew 11.5 per cent to 127 million tonnes as against 114 million tonnes in the previous year. China with a 15.5 per cent growth in output at 59.3 million tonnes was the world's largest producer of steel in July, followed by Japan at 9.1 million tonnes and the United States at 7.45 million tonnes.
For the first seven months of calendar 2011, India's steel output grew 5 per cent to 41.79 million tonnes as against 39.78 million tonnes in the corresponding period last year. The world steel output during the first seven months of 2011 grew 8.3 per cent to 886 million tonnes as against 819 million tonnes.
India, currently the fourth largest in terms of output, will emerge as the second largest producer by 2013 with an installed capacity of 120 million tonnes, said Union Minister for Steel, Mr Beni Prasad Verma, recently. India currently has an installed capacity of 80 million tonnes. Steel demand in the country, driven by construction and automobile, is growing at an average of 10 per cent and may exceed 12 per cent in the near future
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