New Delhi: With a total production of 83.20million tonnes (MT), India remained the world's fourth-largest steel producing nation for the fifth year in a row in 2014 as well, according to data compiled by World Steel Association (WSA).
In fact, there was no change in the world order of steel production in the past year with China remaining at the top, Japan second and the US at the third position, producing 822.7 MT, 110.66 MT and 88.34 MT of steel, respectively. India was at the third position in 2009, but it has been at the fourth place since 2010. The country steel production was 68.97 MT in 2010, 73.47 MT in 2011, 77.26 MT in 2012 and 81.29 MT in 2013.
While it might take years for India to position among the top two producers, which is currently being held by China and Japan, respectively but with the ongoing expansions, it may take up the position of the US within a couple of years as the gap between the two is just around 5 MT. Production in the US has been hovering between 86 MT and 88 MT for the last four years. Steel production in India, on the other hand, has been on the rise. India's present installed steel manufacturing capacity is around 100 MT.
Almost all leading producers are raising their capacities aimed at cashing in on the wide gap between output and potential increase in the per capita consumption. Compared to world's average per capita steel use of 225 kg in 2013, India's usage was at just 57.8 kg. Domestic steel makers are pinning hope on the proposed infrastructure spends of the government. During 2014, world's steel production stood at 1,661 MT, up 1.2 per cent from 1,642 MT produced in 2013. Contribution from Asia was the highest at 1,132 MT followed by Europe at 313 MT, North America (121 MT), South America (45 MT), Africa (16 MT), the Middle East (28 MT) and Australia/New Zealand (5.5 MT), respectively.
