CRUDE STEEL PRODUCTION - ECONOMY
News: India has emerged as the 2nd Largest Producer of Crude Steel in the
world
What is in the news?
●
Recently, the Minister of
Steel has said that India has emerged as the 2nd largest crude steel producer
in the world.
Steel production in India:
●
India currently ranks as
the World's 2nd Largest Producer of
Crude Steel, surpassing Japan in 2018.
●
India has become a net exporter of crude steel.
●
In FY22, India produced 133.596 MT of crude steel
and 120.01 MT of finished steel.
●
The steel sector is
governed by the Ministry of Steel,
which formulates policies and plans for its development.
|
Top crude steel producers: ● China ● India ● Japan |
Steel scrap recycling policy:
●
The Steel Scrap Recycling
Policy, which was announced by the Government of India in November 2019, aims
to promote the scientific processing and
recycling of ferrous scrap from various sources, such as end-of-life
vehicles (ELVs), white goods, construction and demolition waste, etc.
National Steel Policy 2017:
●
India has set the targets
of achieving the total crude steel
capacity of 300 MTPA and total crude
steel demand/production of 255 MTPA by 2030-31.