India becomes 3rd biggest steel producer overtakes US
India has become the third-largest steel producer in the world by overtaking United States (US) in first two months of year 2015. It was revealed in the Data compiled by World Steel Association (WSA).
As per WSA data
- India’s production in first two months i.e. January- February of 2015 was 14.56 million tonnes (MT). This production growth was the highest during this two month period at 7.6% as compared to the global average of just 0.6% at 127.6 MT.
- While the US, which was the third-largest steel producer since 2010 has produced 13.52 MT during this two month period, giving away its position to India. Now, the production in US is heading for stagnation with no signs of growth.
- China tops in steel production and accounts for nearly half of the global steel production. During this period China has produced 65 MT steel.
- Japan is the second-largest steel producer and has reported a total production of 17.4 MT.
In the past five years, India was the fourth-largest steel producer behind China, Japan and the US. In 2009, US had snatched the third position from India.
Categories: Business & Economy Current Affairs 2017