Indian Economy News

India only country among top 10 steel producing nations of the world to register growth in steel production in January to March 2022

Minister of Steel Mr. Ram Chandra Prasad Singh, congratulated India's steel sector on its outstanding performance on a worldwide scale and encouraged it to maintain this level of performance in the year 2022. In the next 25 years of Amritkaal, such production momentum will enable India to reach the projected level of 500 million tonnes of production capacity, he noted.

According to World Steel Association data issued on April 22, India is the only country among the top 10 steel manufacturing nations in the world to have increased steel output from January to March 2022 compared to the same period last year. India produced 31.9 million tonnes of steel, an increase of 5.9%. With 10.9 million tonnes of steel produced in March 2022, India's growth rate is 4.4%. Brazil is the only other country in the top ten that has had an increase in steel production in the month of March.

Earlier this week, Union Minister of Steel Mr. Ram Chandra Prasad Singh had separate meetings with public and private steel companies to assess capital investment, production targets, and future plans. When creating strategic plans for the future, he urged them to keep in mind India's ambition to be carbon neutral by 2070, the hydrogen mission, and clean and green steel.

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