Domestic steel demand is expected to grow by 9-10% in FY24, says the revised estimates of the Investment Information and Credit Rating Agency (ICRA).

India's production of steel might double to 500 million tonnes by 2050, roughly four times the current output, as New Delhi strives to support its apparent economic ambitions.

Mr. Jyotiraditya M. Scindia, the Union Minister of Steel, and Mr. NISHIMURA Yasutoshi, the Minister of Economy, Trade, and Industry of Japan, held a bilateral meeting on July 20, 2023, in New Delhi to discuss collaboration in the steel sector and issues relating to decarbonisation.

According to SteelMint, India's crude steel output climbed by 8.37% during April-June to 33.63 million tonnes (MT) as compared to 31.03 in the same quarter the previous year.

Steel Authority of India Limited (SAIL) had a record-breaking performance in the first quarter of the fiscal year 2023-24 (Q1 FY24), in terms of production and sales. The sales volume of SAIL stood at 3.9 MT in Q1 FY24.