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! Whatsapp Channel
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 |
||||||||