On May 24, 2020, the World Steel Association released the World Steel Report. According to the report, the crude steel report of India declined by 65%. During April 2020, the steel output of India was 3.13 million tonnes.
Highlights
- In April 2019, according to the report, India produced 9.02 million tonnes.
- In March 2020, India faced a decline of 14% steel output as compared to March 2019.
- The report also says that the global steel output declined by 13%.
- In April 2019, the global steel output was 157.67 million tonnes.
- In April 2020, the output declined to 137.09 million tonnes.
National Steel Policy
- India is currently operating under its National Steel Policy 2017.
- Under the policy, India is to increase its steel production to 300 million tonnes by 2030.
- It also aims to make India self-sufficient in steel.
- It also aims to build a globally competitive steel industrial output in the country.
Key Findings of the report
- China has reported 1.7% fall in steel production.
- This is the first time China is facing an output decline.
- US faced a decline of 32%. South Korea’s steel production declined by 8.4%.
- The other global steel producers such as European Union, France, Italy, Turkey, Spain, Russia, Ukraine and Brazil also faced decline in their output.
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