PremiumPrime Minister Narendra Modi on Friday said that Indian steel industry has become second largest in world thanks to everybody's efforts in last eight years. According to official data available, India as of April 2022, India was the world's second-largest producer of crude steel, with an output of 10.14 MT. In FY22, the production of crude steel and finished steel stood at 133.596 MT and 120.01 MT, respectively.
Prime Minister Narendra Modi was virtually addressing the ‘Bhoomi Pujan’ ceremony of ArcelorMittal Nippon Steel's Hazira Plant Expansion Project in Gujarat's Surat.
The ArcelorMittal Nippon Steel India (AM/NS India) received their environmental clearance to expand capacity at its flagship plant in Hazira, Gujarat, to 15 MTPA from the current crude steel production capacity of 9 million tonnes per annum (MTPA).
The PM said, “It's our goal to double the production of crude steel in India. The government has set a target of increasing crude steel production capacity from 154 million tonnes to 300 million tonnes in the upcoming years. The government is promoting circular means of production through Public Private Partnership (PPP) model".
The AM/NS company statement also mentioned that expansion of this Hazira Plant project would also contribute to the Narendra Modi government' s National Steel Policy, wherein the Indian government plans to double their domestic capacity to 300 MTPA by 2030 in a growing economy.
The expansion is also set to contribute in AM/NS India’s own long-term plans to expand capacity, the company said in a statement.
PM Modi further added, “Earlier we were dependent on imports of high-grade steel for developing defence equipment. Today, the steel industry is moving towards Aatmanirbharta and INS Vikrant is an example of this shift towards Make In India".
“As we're proceeding toward the target of a developed nation, steel industry will play a vital role in strengthening the infra of the country, "he said.
According to Department for Promotion of Industry and Internal Trade (DPIIT) data, in FY22, the production of crude steel and finished steel stood at 133.596 MT and 120.01 MT, respectively. The consumption of finished steel stood at 105.751 MT in FY22. In April 2022, India's finished steel consumption stood at 9.072 MT.
In FY22, exports and imports of finished steel stood at 13.49 MT and 4.67 MT, respectively. In FY22, India's export rose by 25.1% YoY, compared with 2021. In FY21, India exported 9.49 MT of finished steel.