Steel Industry Report – 2024

India remains a bright spot in global steel industry as it continues to be the world’s second largest crude steel producer, following China and surpassing Japan. Additionally, it is the leading producer of sponge iron in the world. India remains a bright spot in global steel industry as it continues to be the world’s second largest crude steel producer, following
China and surpassing Japan. Additionally, it is the leading producer of sponge iron in the world.

Contributing more than 2 percent to India’s GDP, the trajectory of India’s economic growth is intricately tied to the thriving steel industry, where steel consumption serves as a key economic indicator. Beyond its traditional role in construction, housing, and transportation, specialty steel now finds crucial application in engineering sectors like power generation, petrochemicals, and fertilizers.

India holds a central position on the global steel map, marked by the establishment of cutting-edge steel mills, strategic acquisition of international capacities by industry players, and the continuous modernization of existing plants. The industry’s commitment to energy efficiency and integration into global raw material sources further propels India’s standing.