India becomes third largest producer of crude steel
According to recent report published by World Steel Association (WSA), India has overtaken US to become the world’s third largest steel producer in 2017. India’s crude steel production has grown by 6.2% to 101.4 million tonnes (MT) in 2017 compared to 95.5 MT in the previous year.
China has remained world leader by producing 831.7 MT in 2017, up 5.7% from 786.9 MT in the year-ago period. Japan is second largest global steel producer and had witnessed negative growth in steel output declined by 0.1% to 104.7 MT in 2017 from 104.8 MT in 2016.
The Global steel production had reached 1,691.2 MT in 2017, up by 5.3% compared to 2016 when output was 1,606.3 MT. Crude steel production increased in all regions in 2017 except in CIS (Commonwealth of Independent States), which has remained stable.
World Steel Association (WSA)
WSA is a non-profit organisation and is one of the largest industry associations in world. Its members represent approximately 85% of the world’s steel production. It includes over 160 steel producers with 9 of the 10 largest steel companies, national and regional steel industry associations, and steel research institutes. It was founded in July 1967 and is headquartered in Brussels, Belgium.
Categories: Business, Economy & Banking