Steel production in India hits new heights, grows 14.3% in current fiscal: Steel ministry – ET Auto

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In terms of trade, the period from April to November 2023 saw a 13.4% growth in finished steel imports, which rose from 3.751 million tonnes in the previous year to 4.253 million tonne.

New Delhi: The ministry of steel reported a significant uptick in India’s steel production, with domestic finished steel output reaching 89.711 million tonne in the first eight months of the current fiscal year (April – November 2023). This marks a 14.3% increase from the 78.498 million tonne produced in the corresponding period last year.

Additionally, the country’s domestic steel consumption rose to 87.066 million tonne, registering a growth of 14.9% compared to the 75.765 million tonne consumed during the same period last year. The ministry also noted an increase in domestic crude steel production, which grew by 14.7% to 94.114 million tonne, up from 82.072 million tonne in the previous year.

In terms of trade, the period from April to November 2023 saw a 13.4% growth in finished steel imports, which rose from 3.751 million tonnes in the previous year to 4.253 million tonne.

The ministry’s data highlights the robust performance of India’s steel sector, which is critical to key industries such as construction, infrastructure, automobile, engineering, and defense. This growth solidifies India’s position as the second-largest steel producer globally.

  • Published On Dec 30, 2023 at 10:00 AM IST

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