MUMBAI, Aug 20 (MeelBijendra) – India is one of the leading producers of steel in the world with crude steel production reaching 124.7 million tonnes per annum in 2020 with an increase of 5.5% over the previous year.
India, the largest producer of sponge iron in the world and the second largest producer of crude steel, had announced 64 new capital expenditure projects in the domestic steel manufacturing sector in FY22.
Crude steel production in India has grown at a CAGR of 4.2% in the last half a decade. The steel manufacturing sector envisages an investment of INR 2,270 billion in 64 new capex projects while the pending investment in 349 products at the end of December 2022 is INR 14.8 trillion.
Capacity addition in steel is expected to slow to 3 million tonnes in FY2024 and zero capacity addition in FY25 as against 5.5 million tonnes in FY2023, according to economists.
Also read: NTPC produced 7.36 MMT of coal during April to August of FY 2022-23 with YOY growth of 62%