India is the only country among the world’s top five crude steel producers to record positive growth in April 2024, according to the World Steel Association. India, the second-largest crude steel producer globally, achieved a growth rate of 3.9% compared to April 2023.
Global Steel Production Trends
World crude steel production in April 2024 was 155.7 million tonnes, a 5.0% decrease from April 2023. China, the largest steel producer, saw a 7.2% decline to 85.9 million tonnes. Japan, the third-largest producer, registered a 2.5% decline to 7.1 million tonnes. The United States, the fourth-largest producer, produced 6.7 million tonnes, a 2.8% decline. Russia, the fifth-largest producer, experienced a 5.7% decline to 6.2 million tonnes.
Reasons for India’s Positive Growth
India’s robust economic growth, bolstered by government infrastructure projects in rail, road, and ports, has driven a significant increase in steel demand. The rising demand for vehicles has also contributed to the increased steel consumption.
Historical Context of India’s Steel Industry
India’s modern steel industry began in 1875 with the Kulti plant near Kolkata. Jamsetji Tata established India’s first modern steel plant, Tata Steel, in Jamshedpur in 1907. Today, India is the second-largest producer of crude steel and the largest producer of sponge iron globally. It is also the third-largest user of finished steel, after China and the USA.
World Steel Association
The World Steel Association, a non-profit organization representing around 85% of global steel production, was established in 1967 as the International Iron and Steel Institute. It was renamed the World Steel Association in 2008 and is headquartered in Brussels, Belgium.
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