Production volume of stainless steel slabs in India 2010-2021

According to the World Bureau of Metal Statistics, India produced around four million metric tons of stainless steel slabs in 2021. There was a significant increase compared to the previous year, which experienced a dip mostly due to the impact of the coronavirus pandemic. Stainless steel accounted for only a small portion of steel production in India. In the financial year 2022, India produced 120 million metric tons of crude steel.

Steel Industry in India

As of December 2022, India was the second largest crude steel producer in the world, just behind China. The steel industry contributed about two percent to India’s GDP, and directly employed 600 thousand workers and indirectly employed about two million people. It also plays an important supplying role in India’s other manufacturing sectors, especially for the automobile industry. This makes the steel industry one of the most crucial industries of the country.

Leading steel producers

India has been a significant producer of various types of iron and steel, including pig iron, sponge iron, crude steel, and finished steel. Although the private sector companies held a dominant position in iron and steel production, the leading steel producers in the country comprised a combination of public and private companies. Notable among them were Tata Steel, Steel Authority of India Limited (SAIL), and JSW Steel. Both Tata and JSW are private companies, while SAIL is owned by the Ministry of Steel. In the fiscal year 2023, Tata Steel recorded a revenue surpassing 2.4 trillion Indian rupees.