Domestic finished steel production up by 14.3% in April-Nov of FY24: Govt

The domestic finished steel production stood at 89.711 million tonnes in the first eight months of the current fiscal year, against 78.498 million tonnes during the corresponding period last year,  which is 14.3 per cent higher than the last year, the government data showed on Friday. 

According to the data, the domestic steel consumption stood at 87.066 million tonnes, which is 14.9 per cent higher than the consumption in the same period last year. On the other hand,  domestic crude steel production stood at 94.114 million tonnes, with a growth of 14.7 per cent when compared to the production of 82 million tonnes in the same period last year.

“The production performance of the steel sector during the first eight months of the current fiscal year (April – November 2023) has been quite promising,” the release stated. 

On the import-export front, the government data showed that during April –November 2023, finished steel imports increased from 3.751 million tonnes last year to 4.253 million tonnes in the current year, witnessing a growth of 13.4 per cent. 

According to the release, the steel sector plays a pivotal role in crucial sectors such as construction, infrastructure, automobile, engineering, and defence.  “Over the years, the steel sector has witnessed tremendous growth and India has emerged as a global force in steel production and the 2nd largest producer of steel in the world,” the government said in the release.