InvestorQ : Has the government announced higher steel output in the current fiscal year?
Dilmini Mercia made post

Has the government announced higher steel output in the current fiscal year?

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Dawn Cherian answered.
3 months ago
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You must be aware that India is already the world’s second largest steel producer after China. In the fiscal year ended March 2021, India recorded record output of 102 MT of steel. However, Steel Ministry indications are that in FY22, India could see an 18% spurt in teel production to a record 120 MT on the back of solid demand as well as robust prices in the domestic market as well as in the international steel markets.

In the Jun-21 quarter first quarter alone, India produced 37.53 MT of crude steel. So, even conservatively, the annualized figure could be 120 MT or above. India has a larger target to achieve total steel production of 300 MT by the financial year 2030-31, which is a 2-fold increase in 10 years. The national infrastructure pipeline and the capital investments by various sectors is likely to boost demand for steel. Cutting steel input costs is the key.

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