Shangliao Sun
Research expert covering India
Steel industry in India - statistics & facts
The history of India’s modern steel industry dates back to late 19th century. Steel sector has contributed significantly towards India’s economic development, with slightly more than two percent of its GDP. As of 2022, India was the world second largest crude steel producer, just after China. The growth rate of the sector has been constantly higher than the growth rate of the country’s GDP.
Potential of India's steel industry
One of the reasons for this growth was the domestic availability and accessibility of coal and iron ore, two crucial raw materials for steel production, combine with cost-effective labor and low conversion costs for steel, India was the second largest producer of crude steel since 2019. With the increasing coal production in India, the country became the third largest coal producing nation in the world. With the approval of pending coal projects and tabling of a new coal mining law, India was the third largest coal producing nation in 2021. India was also one of the top producers of iron ore.Major players
The country produced different types of iron and steel such as pig iron, sponge iron, crude steel, and finished steel, to name a few. India was the leading producer of sponge iron since 2003. These products were produced in different stages and forms like non-alloy and alloy finished steel, stainless steel, plates, rolls, and bars. Iron and steel were produced by both the public and private sectors. The private sector had the larger share. The production share of steel by public sector was consistently below 20 percent. There were seven central enterprises under the Ministry of Steel. Steel Authority of India Limited or commonly known as SAIL was the one of the largest steel producers in the public sector. There were numerous private players both big and small. Some key players were JSW Steel and Tata Steel.
