Crude steel production in India FY 2012-2023
The production volume of crude steel in India at the end of the fiscal year 2023 amounted to 125 million metric tons. A slight increase in the production volume was witnessed in comparison with the previous financial year.
Production capacity in India
India was the second-largest producer of crude steel in the world. It overtook Japan in the financial year 2019. At the end of the financial year 2020, India’s share in world crude production was pegged at over five percent. The government of India does not set any targets for steel production as it has been a deregulated sector since 1991. India entered the top ten steel producing nations in the year 2005. Private sector companies had a major share in the production of crude steel. However, public sector companies were also constantly increasing their production volume share.
Production methods
Since financial year 2014, there was an increase in the share of steel manufactured by using basic oxygen furnace. This was the major method by which steel was produced in the country. Tata Steel, one of the leading players in this sector, manufactured all its crude steel using this method. Another technique was to use an electric arc furnace. Although this was more environmentally sustainable, it is not widely used. Another method is the induction furnace. Here, a high voltage electrical source is used, which transfers the energy via the induction. This method became popular in the late 1980s and is mainly used to produce stainless steel from stainless steel scrap.
Production capacity in India
India was the second-largest producer of crude steel in the world. It overtook Japan in the financial year 2019. At the end of the financial year 2020, India’s share in world crude production was pegged at over five percent. The government of India does not set any targets for steel production as it has been a deregulated sector since 1991. India entered the top ten steel producing nations in the year 2005. Private sector companies had a major share in the production of crude steel. However, public sector companies were also constantly increasing their production volume share.
Production methods
Since financial year 2014, there was an increase in the share of steel manufactured by using basic oxygen furnace. This was the major method by which steel was produced in the country. Tata Steel, one of the leading players in this sector, manufactured all its crude steel using this method. Another technique was to use an electric arc furnace. Although this was more environmentally sustainable, it is not widely used. Another method is the induction furnace. Here, a high voltage electrical source is used, which transfers the energy via the induction. This method became popular in the late 1980s and is mainly used to produce stainless steel from stainless steel scrap.
