Steel Ministry announced production of steel during fy 2022- 23

by Psu Connect
Date: 06-04-23

The Steel Ministry has announced the expected production of steel during FY 2022-23. Read on to learn more about this announcement and its potential impact on the industry.

Steel Ministry announced production of steel during fy 2022- 23

Steel Ministry Announces Production of Steel During FY 2022-23

New Delhi- The Union Minister of State for Steel and Rural Development, Shri Faggan Singh Kulaste,gave information about steel production during FY 2021-22 and 2022-23 in a written reply in the Lok Sabha.

The Minister said Steel is a deregulated sector. Government has no role in commercial decisions such as import of steel or a particular type of steel by individual companies.

The production and consumption of long steel products mainly used in real estate sector, i.e., Bars and Rods and Structurals are as given below: -

(In million tonne)

Year		Bars & Rods	Structurals
2019-20	Production	40.33	7.49
	Consumption	39.33	7.17
	Import	0.27	0.04
2020-21	Production	37.17	6.49
	Consumption	39.68	6.56
	Import	0.14	0.03
2021-22	Production	47.20	7.48
	Consumption	46.00	7.24
	Import	0.06	0.01
2022-23 (April-February)**	Production	45.97	7.63
	Consumption	45.17	7.32
	Import	0.11	0.01
Source: Joint Plant Committee (JPC); **Provisional

The Production and Consumption of finished steel have increased in FY 2021-22 and 2022-23 as compared to pandemic periods during FY 2019-20 and 2020-21 as per the data given below: -

(In million tonne)

Total Finished Steel	2019-20		2020-21		2021-22		2022-23 (April-February)**
	Prod.	Cons.	Prod.	Cons.	Prod.	Cons.	Prod.	Cons.
	102.6	100.1	96.2	94.9	113.6	105.8	110.4	108.1
Source: Joint Plant Committee (JPC); **Provisional; Prod-Production; Cons-Consumption