Steel sector trends
- India is currently the world’s 3rd largest producer of crude steel against its 8th position in 2003 and is expected to become the 2nd largest producer of crude steel in the world soon.
- India is currently also the world’s largest producer of direct reduced iron (DRI) or sponge iron, a status it has maintained every year since 2003.
- The country was also the 3rd largest consumer of finished steel in the world in 2015 (preceded by China and the USA) and is expected to maintain the said status for 2016 also.
- The domestic steel sector contributes around 2% of the country’s GDP and employs over 6 lakh people.