India is world's 4th largest steel producer: Beni Prasad Verma

NEW DELHI: India is world's fourth largest steel producer, said Beni Prasad Verma, Union Steel Minister. He also said that the steel demand is indicated by its real consumption is decided by domestic production of steel plus imports and minus exports. It was also informed that the compounded Annual Growth Rate (CAGR) in real consumption has been 10.6% which has surpassed growth in production for sale (8.7%) in this period, said Joint Plant Committee (JPC) data in the last three fiscals FY10-FY12.

Reports also said that the imports of the overall finished steel have risen at a CAGR of 5.3%. Apart from addressing the domestic demand-supply mismatch, steel imports took place for series other reasons such as non-availability or limited availability of requisite grades/sizes, customs duty level, effect of relative prices.

The steel production capacity has risen from 66.34 million tonnes during 2008-09 to 89.29 per annum (provisional) in 2011-12, both in public and private sectors combined.

He has stated that the production of crude steel by the Bokaro Steel Plant of Steel Authority of India Ltd (SAIL) in FY12 stood at 3.647 million tonnes, witnessing 1.5% as compared to last year (2010-11).

In March, 2012 crude steel production of Bokaro Steel Plant stood at 0.32 million tonnes, registering 6.2% decline over March, 2011.