Last 5 months of 2015 have pushed the steel production in India to 2.6% compared to output of 87.3 mt in 2014 whereas the world steel output went down 2.8% in 2015 to 1.6 billion tonne.
- With this rise in the steel production, India become the third largest steel producer in the world after China and Japan with a production of 6 million tonne (mt) in 2015, according to data released by the Brussels-based World Steel Association (WSA).
- India aims to achieve a steel production of 300 million tonnes by 2025.
Efforts put by India to enhance steel production:
- Older steel plants are being modernized and expanded.
- India’s largest blast furnace with a capacity of 4,160 cubic metres was initiated at IISCO steel plant in Burnpur, West Bengal.
- Indian steel industry’s R&D focusing on producing value added products to lessen imports.
- SAIL has corporate R&D centre at Ranchi.
- RINL is also expending R&D infrastructure.
- Large private sector companies have also setup good R&D facilities for addressing their problems.
- Ministry of Steel contributed up to 50% of the corpus required for setting up the new institution Steel Research & Technology Mission of India (SRTMI).
- Major Private steel companies have also signed a MoU with the steel ministry for SRTMI and were financially contributed the initial corpus of 200 crore.
On the other hand, US steel output shrank to 10.5% in 2015 with 78.9 mt while Ukraine saw a 15.6% decline in steel output to 22.9 mt during the year.
Union Minister of Steel and Mines – Narendra Singh Tomar