According to the latest report by World Steel Association (worldsteel), the total crudesteel production in India in 2022 was pegged at 125.3 million tonnes (MT), slightly higher than the previous year’s 118.2 MT.
Overall, global crude steel production fell to 1.89 billion tonnes in 2022 from 1.96 billion tonnes in 2021.
China, the largest #steel producer, saw its output fall to 1.01 billion tonnes in 2022 from 1.03 billion tonnes in 2021. Similarly, Japan, which occupies the third spot, saw its output at 89.2 MT in 2022, lower than the previous year’s 96.3 MT.
The US (80.5 MT in 2022 from 85.8 MT) and Russia (71.5 MT in 2022 from 77 MT)—the fourth and fifth largest producers—also registered a drop in production of crude steel.
Incidentally, Iran is the only other country in the top 10 nations that registered a rise in production as its output went up to 30.6 MT in 2022 from the previous year’s 28.3 MT.
Interestingly, steel production has come a long way since 1950 when it was a mere 189 MT. Annual production breached the 1 billion tonnes mark for the first time in 2004.
The top 10 steel producing companies include: China Baowu Steel Group (131.84 MT), ArcelorMittal (68.89 MT), ANSTEEL HOLDINGS (UK) LIMITED (55.65 MT), Nippon Steel Corporation (44.37 MT), Shagang Group (41.45 MT), HBIS GROUP (41 MT), POSCO Holdings (38.64 MT), JIANLONG Group (36.56 MT), Shougang Group (33.82 MT) and Tata Steel (30.18 MT).
India’s JSW Steel and Steel Authority of India Limited also feature among the top steel producing companies, occupying the 15th and 21st positions.
India occupied the 12th position in the list of steel exporting nations, with total exports of 12.1 MT in 2022. China occupied the top spot with 68.1 MT of exports, followed by Japan (31.7 MT), the European Union (26 MT), South Korea (25.5 MT) and Germany (22.3 MT).
The Indian Steel Association (ISA) estimates that domestic steel demand in the FY24 will grow by 7.5 per cent to reach 128.85 MT from 119.86 MT in FY23. In FY25 it expects demand to increase by a further 6.3 per cent to reach 136.97 MT.
