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 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.

Read Also : DMRC launches e-waste recycling boxes in collaboration with JIT Yamanashi

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

Read Also : NHPC conferred with ET HR World Future Skills Gold Award 2024

    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

Read Also : Bureau of Indian Standards signs MoU with IISc Bengaluru to promote Standardisation