NEW DELHI: The per capita consumption of total finished steel in India has risen from 58 kg in 2011-12 to 63 kg in 2015-16.
According to Joint Plant Committee, crude steel capacity in the country stood at 121.97 million ones in 2015-16 while production of crude steel stood at 89.79 mt during the same year.
India is the third largest steel producer globally and is likely to be the second largest steel producer in a few years. The sector contributes about 2 percent to the country’s GDP and employs over 6 lakh people.
Over the last few years, the steel sector has been adversely impacted by the global steel glut which resulted in predatory pricing and a surge in steel imports into the country.
To provide level playing field to the domestic steel producers, Government has extended Minimum Import Price on 19 steel products till February 4, 2017. Government has also imposed provisional Anti-Dumping duty on import of flat products (Hot Rolled & Cold Rolled) and on Wire Rods from China, Japan, Korea, Russia, Brazil, Indonesia & Ukraine.
Such measures has aided in decline in steel imports by 38.28 percent between April-November, 2016 while exports have increased by 59.96 percent during the same period. Overall steel production also grew by 8.8 percent between April-November, 2016 compared to the same period last year.
With the aim to develop large capacity mega steel projects in the country, which would help India in achieving the capacity growth of 300 million ones of crude steel by 2025-26, Ministry of Steel has evolved a concept of developing Ultra Mega Steel Plants. Steel Authority of India Limited is participating for setting up of an Ultra Mega Steel Plant of capacity (3+3) or (4+2) million tonnes per annum in Bastar, Chhattisgarh.
Source: auto.economictimes.indiatimes.com