India Hopes to Become the World’s Number One Steel Producer

SEATTLE (Scrap Monster): Jyotiraditya M Scindia, Union Minister for Steel expressed the hope that India will emerge as the number one steel producer of the world in coming days. Currently, the country is the world’s second largest producer of steel, after China. It must be noted that the country has already moved from being a net importer of steel to a net exporter of the commodity.

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While speaking at a conference on Indian Minerals and Metals Industry, organized by NMDC and FICCI, he highlighted that the country’s per capita steel consumption has registered drastic jump from 57.8 kilograms in 2013-’14 to approximately 78 kilograms. The government targets to achieve per annum steel production target of 300 million tonnes by 2030, he added.

The Minister emphasized the need to promote domestically produced steel, as the government prioritizes self-reliance in steel production over the years to come. Several reforms have taken place in the country’s steel sector over the past few years, as a result of which the steel production has gone up significantly. Furthermore, he highlighted the need for carbon emissions in the steel sector to come down to 40% by 2030.