As reported by The Economic Times, India surpassed the US and became the third largest steel producer. The country will work to achieve production of 300 million tons in the next 10 years, said the Union Minister of steel and mines Narendra Singh Tomar.
While India's 4th largest steel producer in the world, after China, Japan and the USA. However, during the first five months of the current calendar year, India reached 3rd position in the world steel production, overtaking the US," said Tomar.
Speaking at a meeting of the Parliamentary consultative Committee in Bengaluru, the Minister said that the steel industry in India is growing fairly good rates in the past year the growth in steel production in India was more than 8%.
However, per capita steel consumption is quite low, only 60 kg compared to the world average rate of 216 kg. Low consumption clearly indicates huge potential for growth for Indian steel industry. India has fixed the goal is to achieve steel production of 300 million tonnes by 2025, and the Ministry began developing an action plan and a strategy to achieve this goal, the Minister said.