India set to become the world’s largest steel producer after China while boosting exports to the highest ever. India becomes the “Bright Spot”for growth in the global steel industry
India’s output jumped 11% to 101.3 million metric tons and the nation was become a net exporter for the first time in 3 years.
- According to Provisional Steel Ministry data Doubling Shipments reached to 8.2 million
- India will overtake Japan as the second biggest producer by 2019.
- The country’s output will rise from 103 million tons this year to 110 million in 2018 and 118 million by 2019.
- Imports plunged 37% to 7.4 million tons after the government decides to implement a measure of cheap shipments.
- Shares of JSW Steel have climbed to 24% Tata Steel by 27% and SAIL up by 35%.
- Domestic demand to grow by 3% to 83.9 million tons in the past 12 months.
- By 2022 India will pump out 146 million tons to Japan’s 118 million.
- The government has been planning to boost capacity with upgrades at existing mills and state owned companies building new plants.
- It has been recognized by the Australian iron miners, including Fortescue Metals Group ltd. the country’s number three exporter.
History of the Steel Industry (1850-1970)
The history of the modern Steel Industry began in the late 1850 but since steel has been basic to the world’s industrial economy.
- The Iron and Steel industry is one of the most important industries in India.
- The industry produced 91.46 million tons of total finished steel.