Addressing a meeting of the Parliamentary Consultative Committee in Bengaluru, Karnataka Union Steel & Mines Minister Narendra Singh Tomar announced that India has overtaken the US and is now the world’s third largest steel producer.
India was the 4th largest steel producer after China, Japan and the US, but during the first 5 months of this calendar year India has achieved the 3rd position in global steel production.
The Indian steel industry is already in expansion mode as older plants are being modernised and expanded and new green field plants are introducing state-of-the-art technologies.
The minister said problems in raw material need to be addressed and he stressed the need to pursue R&D for development of value added products.
He also told his audience that PM Narendra Modi has dedicated India’s largest Blast Furnace of 4160 cubic meters, installed at SAIL’s IISCO Steel plant in Burnpur and several Blast Furnaces of around 4000 cubic meters with world class efficiency parameters are already in operation in the country.