India is set to become the world's largest steel producer after China, with record production during 2016-17 ending in March. During this period, export growth was the highest in the country's history.
Steel output jumped 11 percent to 101.3 million tons and the country became a net exporter in the first three years, doubling shipments to 8.2 million tons, according to preliminary data from the steel ministry.
India will overtake Japan as the second largest producer in the coming years, in line with government plans, as rolling mills must increase output to meet growing demand from infrastructure, home construction and consumer goods. Top manufacturers in India - JSW Steel Ltd., Steel Authority of India Ltd. and Tata Steel Ltd. - all achieved record production in the past year.
The country's output will increase from 103 million tonnes this year to 110 million in 2018, and 118 million by 2019, according to forecasts. The growth in production will allow India to catch up with Japan next year and surpass it thereafter. By 2022, India will produce 146 million tonnes and Japan 118 million tonnes of steel.
India approaches 2nd largest steel producer in the world
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Azovpromstal® 11 April 2017 г. 11:10 |
