Steel sector trends
- India is currently the 3rd largest producer of crude steel in the world as against its 8th position in 2003.
- India continues to maintain its lead position as the world’s largest producer of Direct Reduced Iron (DRI) or Sponge Iron.
- The steel sector contributes nearly 2% of the country’s GDP and employs over 6 lakh people.
- The per capita consumption of total finished steel in the country has risen from 54.9 kg in 2010-11 to 60.8 kg in 2014
- Export of total finished steel (alloy + non-alloy) during 2014-15 stood at 5.59 million tonnes while import of total finished steel (alloy + non-alloy) during the same year stood at 9.32 million tonnes.
- India was a net importer of total finished steel in 2014-15.