World Steel Association Current Affairs - 2020

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.

Sajjan Jindal appointed Vice Chairman World Steel

Sajjan Jindal, Chairman and Managing Director, JSW Steel has been appointed as the Vice-Chairman of World Steel Association (Worldsteel). He is appointed for a period of one year. The association also elected YU Yong, Chairman, HBIS Group Co, as Chairman. Apart from this, the board also elected a 14-member Executive Committee.

Other elected members of association include– T V Narendran, Chief Executive Officer and Managing Director, Tata Steel, and Lakshmi Mittal, Chairman and Chief Executive Officer, ArcelorMittal. Furthermore, RL Steels and Energy Limited (India) elected as regular members and Steel Ministry’s Joint Plant Committee (JPC) as an affiliated member.

About World Steel Association (worldsteel)

It is international trade body for iron and steel industry and is one of the largest industry representations in world. It was established on 10 July 1967 and is headquartered in Brussels, Belgium.

The worldsteel members represent approximately 85% of world’s steel production, including more than 160 steel producers, national and regional steel industry associations and steel research institutes.