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Home Business News India to be the second largest crude steel producer soon

India to be the second largest crude steel producer soon

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Expanding construction and infrastructure sectors to further boost steel demand.

 

Mumbai. Market Insight from Frost & Sullivan finds that the per capita steel consumption in India rose from 38 kg in 2005-06 to 57 kg in 2011-12. In 2011, overall steel consumption in India was around 67 million metric tons (MT) per annum and the GDP growth was approximately 8 per cent, compared to 30.7 million MT per annum consumption of steel and GDP growth of approximately 3.8 percent a decade ago, in 2001. Favorable government policies for this sector along with the country’s economic growth have contributed to the steel sector’s fast paced growth.

Production of crude steel increased from 27.3 million MT to 71.3 million MT in the last 10 years at a compound annual growth rate (CAGR) of 10 percent due to advancements in traditional steel making. Indian crude steel production capacity is expected to reach 112.5 million MT by FY 2016.

“Currently India is the world’s fourth largest producer of crude steel and if all planned capacity expansion projects become operational, it is expected to become the world’s second largest producer by 2015”, said Venkatesan Subramanian, Director, Metals & Minerals, Frost & Sullivan. He added, “The intended steel capacity build-up in the country is likely to result in an investment of approximately INR 5,000-10,000 billion by 2020.”

“Among steel intensive industries in India, construction registered the highest growth rates over the past consecutive 5 years. Manufacturing is the second highest steel consumer segment followed by automotive, both of which are poised to witness impressive growth over the future”, noted Subramanian.

 

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