Saturday, May 21, 2022

India only country among world’s top 10 to see growth in steel production: WSA

Synopsis: As per the data released by the World Steel Association (WSA), India is the only country among top 10 steel producing nations of the world which has registered a growth in steel production in January to March 2022 period

Must read

  • Reacting to the news, Union Steel Minister Ram Chandra Prasad Singh congratulated the Indian steel industry for their stellar performance
  • Such momentum of production will help India reach the targeted level of 500 million tonne production capacity in the next 25 years of Amrit Kaal, he said

New Delhi: As per the data released by the World Steel Association (WSA), India is the only country among top 10 steel producing nations of the world which has registered a growth in steel production in January to March 2022 period, as compared to the corresponding period of the last year. Reacting to the news, Union Steel Minister Ram Chandra Prasad Singh congratulated the Indian steel industry on Saturday for their stellar performance at a global level and encouraged them to sustain this level of performance in the year 2022.

“Such momentum of production will help India reach the targeted level of 500 million tonne production capacity in the next 25 years of Amrit Kaal,” he added.

India produced 31.9 MT of steel in Jan-March period

India has produced 31.9 million tonnes of steel in the period with a growth of 5.9 percent. In March 2022, with a production of 10.9 million tonnes of steel in India, the growth rate is 4.4 percent. Brazil is the only other country among top 10 nations which has registered growth in the month of March.

The Steel Minister held separate meetings with public sector and private sector steel companies earlier this week and reviewed their capital expenditure, production targets and future plans. He exhorted them to keep in mind the carbon-neutral commitment of India by 2070, hydrogen mission and clean and green steel while making strategic plans for the future.

On the top 10 list of steel producers, China occupied the first position but recorded a degrowth of 10.5 percent in the period under review. India occupied the second position. While Japan occupied the third position, US stood fourth on the list, followed by Russia, South Korea, Germany, Turkey, Brazil and Iran.

(PSU Watch– India’s Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

- Advertisement -

More articles

- Advertisement -

Latest News