India pips Japan to become second largest crude steel producer in the world

India has overtaken Japan to become the world's second largest producer of crude steel in February, according to the Steel Users Federation of India (Sufi).

India's crude steel output rose 4.4 per cent at 93.11 million tonnes (mt) for the period April 2017 to February 2018 against April 2016 to February 2017, making it to become the second largest producer of crude steel in the world, according to the federation statement. 

Currently, China is the largest producer of crude steel in the world, accounting for over 50 per cent of the production.

India overtook the United States in 2015 to become the third largest producer of crude steel.

According to the World Steel Association, India produced 8.4 mt of crude steel in February 2018, up 3.4 per cent over February 2017.

ALSO READ: Commonwealth Games 2018: Sharath Kamal spearheads Indian paddlers' challenge at Gold Coast

Sufi president Nikunj Turakhia said the Steel Ministry is working proactively to lay down the road map to achieve 300 million tons by 2030 and "we seem to be on the right track".

"In addition, quick resolution of various big-ticket steel mills under the Insolvency and Bankruptcy Code and the National Company Law Tribunal is expected to further hasten the process of achieving higher capacity utilisation," he said.

"The government has taken host of steps to curb imports, push local demand with initiatives like 'Make in India', implementation of the GST and infrastructure projects, to encourage the domestic market," Turakhia said, attributing the growth to the Modi-led government.