Steel Ministry announced production of steel during fy 2022- 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 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.
Join PSU Connect on WhatsApp now for quick updates! Click here
Read Also : IREDA Posts Strong Q1 Growth; Disbursements Jump 31%, Loan Book Rises 27%
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 |
||||||||