India overtakes US as 3rd biggest steel producer
23 March 2015 12:16 AM GMT
India has overtaken the US to become the third-largest steel producer in the world with a production of 14.56 million tonnes (MT) in first two months of the year.
India has been the fourth-largest steel producer for the past five years, behind China, Japan and the US. Data compiled by World Steel Association (WSA) showed that the country's production growth was the highest during the January-February period at 7.6 per cent as compared to the global average of just 0.6 per cent at 127.6 MT.
Production in China, which accounts for nearly half of the global steel production, fell during the period by 1.5 per cent. It produced 65 MT steel during the period.
Japan, the second-largest producer, reported a total output of 17.4 MT, but production in the country fell 2.2 per cent. The US, which was the third-largest steel producer since 2010, produced 13.52 MT during the January-February period, giving away its position to India.
On a yearly basis, India may retain the position given the fact that a lot of capacities are set to be commissioned during the year from its present installed manufacturing capacity of a little over 100 MT. Production in the US, on the other hand, is heading for a stagnation with no signs of growth in the immediate future.
India has been the fourth-largest steel producer for the past five years, behind China, Japan and the US. Data compiled by World Steel Association (WSA) showed that the country's production growth was the highest during the January-February period at 7.6 per cent as compared to the global average of just 0.6 per cent at 127.6 MT.
Production in China, which accounts for nearly half of the global steel production, fell during the period by 1.5 per cent. It produced 65 MT steel during the period.
Japan, the second-largest producer, reported a total output of 17.4 MT, but production in the country fell 2.2 per cent. The US, which was the third-largest steel producer since 2010, produced 13.52 MT during the January-February period, giving away its position to India.
On a yearly basis, India may retain the position given the fact that a lot of capacities are set to be commissioned during the year from its present installed manufacturing capacity of a little over 100 MT. Production in the US, on the other hand, is heading for a stagnation with no signs of growth in the immediate future.
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