India has overtaken US to become the world’s third largest steel producers.
According to a report released by World Steel Association, ‘India’s crude steel production grew by 6.2 per cent to 101.4 million tonnes (MT) in 2017 compared to 95.5 MT in the previous year. China remained the world leader by producing 831.7 MT in 2017, up 5.7 per cent from 786.9 MT in the year-ago period. Japan, the second largest global steel producer, witnessed a negative growth as steel output declined by 0.1 per cent to 104.7 MT in 2017 from 104.8 MT in 2016.
The report also outlined that global steel production reached 1,691.2 MT for the year 2017, up by 5.3 per cent compared to 2016 when the output was 1,606.3 MT. Crude steel production increased in all regions in 2017 except in the CIS (Commonwealth of Independent States), which has remained stable (subject to current estimates).
World steel is one of the largest industry associations in the world. Its members represent approximately 85 per cent of the world’s steel production, including over 160 steel producers with 9 of the 10 largest steel companies, national and regional steel industry associations, and steel research institutes.