FCC

State of the steel sector

2024-02-23

India is the world’s second-largest producer of crude steel with an output of 125.32 million tonne (MT) of crude steel and finished steel production of 121.29 mt in FY23. Its finished steel consumption is anticipated to increase to 230 MT by 2030-31. However, domestic steel producers are affected by the surge in imports. According to CRISIL, imports may touch the 6 MT mark (from 1.2 MT) this fiscal.

So, what should be done to navigate a balance between domestic manufacturing fortification and managing the influx of imports? For some answers, and to learn more about measures to reduce the carbon footprint of the steelmaking process in India, the use of green hydrogen and the Budget 2024 wishlist, CW spoke to manufacturers and end-users for their perspectives.