World Steel report: India’s steel output declined by 65%

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.

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.

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 alsi aims to make India self-sufficient in steel. It also aims to build a globally competitive steel industrial output in the country.

Month: Current Affairs - May, 2020