India hopes to become 2nd highest crude steel producer

New Delhi: India is hopeful of occupying the second slot in global steel output after China while the government has also taken steps to encourage secondary steel producers to boost performance, the Steel Ministry said Tuesday.

Growing in conjunction with the primary steel sector, the secondary steel sector holds enormous potential for growth and opportunities in the country, the ministry said in a statement.

"Strong performance of the secondary steel sector has added muscle to India's steel production. Encouraged by the overall potential, the Government of India has taken various initiatives to improve the performance of this sector....Based on the present growth pattern (of steel), it is expected that India will rise to the second position after China," the statement said.

The National Steel Policy 2017 has set a target of 300 million tonnes per annum (MTPA) of production capacity by 2030.

The production capacity in 2017-18 has already reached 137.97 million tonnes (MT).

Enumerating the steps to promote secondary steel producers besides instituting award, the government said these included supporting energy efficiency projects and R&D activities, strengthening institutional support and protecting domestic producers from below-cost import from foreign countries through anti-dumping measures.

The statement said one of the significant aspects of the secondary steel sector is that it reaches out to millions of people in the rural areas, meeting rural demand.