India displaces US from third position in steel production

India overtook the United States to become the world's third largest steel producer. Mining and Steel Minister Narendra Singh Tomar said: “Last year, India was recognized as only the fourth largest steel producer in the world after China, Japan and the United States. However, during the first five months of the current calendar year, India reached the third position in global steel production. ”

Speaking at a meeting of the Parliamentary Advisory Committee in Bangalore, the Indian minister said that metallurgy is growing at a fairly good pace, and last year, crude steel production in India grew by more than 8 percent. He said: “Nevertheless, per capita consumption of steel in the country remains quite low - 60 kg, which is significantly less than the world average consumption level of 216 kg. The low utilization undoubtedly indicates the huge growth potential of the Indian steel industry. India has set a target of 300 MT production capacity by 2025 and the ministry is developing an action plan and strategy to achieve this goal. ”

Indian metallurgy has entered the stage of expansion. Old metallurgical plants are being modernized and expanded. New facilities are being built taking into account the most modern technologies. Special emphasis is placed on research and development in steel production to support the long-term growth of the Indian steel industry. Tomar stressed the need to continue developing high value-added products to reduce dependence on imports. “We also made a proposal to all large metallurgical companies to invest up to 1 percent of their turnover in expanding scientific and technical research,” he said.

Created by the National Mineral Exploration Trust based on the contribution of the mining lease owners. “This will allow the government to receive a special research fund to revitalize the mining industry. In addition, the provision of mining leases through an auction will increase the flow of investment into the sector and increase the efficiency of mining, preventing illegal operations, ”said Tomar.