India bucks global steel output trend in 2015; production rises 2.6%

India became world's third largest producer of steel in January 2015, pushing the US to fourth position

India is the only country among major steel producing nations, such as China, Japan, South Korea and the US, which witnessed growth in production in 2015.

According to the latest data by the World Steel Association (WSA), production in the world's third largest steel producer rose by 2.6 per cent to 89.6 million tonnes (MT) in 2015 against 87.3 MT in 2014.

World steel production, however, dropped by 2.8 per cent to 1,622.8 million tonnes in 2015.

According to the Steel Ministry, India is the only country among major steel producing countries which recorded a positive trend in steel production and consumption last year.

"India became the third largest producer of steel in the world in January 2015, leaving behind the US as the fourth largest producer," the ministry said in a note.

According to WSA data, crude steel output in China -- the world's largest steel maker -- fell by 2.3 per cent to 803.8 MT in 2015 compared to the year-ago period.

Japan produced 105.2 MT in 2015, down 5 per cent compared to 2014, while output in South Korea decreased by 2.6 per cent to 69.7 MT during the same period.

In 2015, the US produced 78.9 MT of crude steel, a decline of 10.5 per cent compared to 2014, whereas Russia showed a decrease of 4.3 per cent in 2015 with an output producing 101.5 MT of crude steel.

Globally the situation was much worse as the world steel output fell by 2.8 per cent to 1,622.8 MT in 2015 witnessing its first fall since 2009.

As per WSA, the last decline in global steel output was witnessed in 2009, when production fell by 8 per cent to 1,238.8 MT from 1,343.4 MT in 2008.

Since then it has continuously risen till 2014. Global steel production stood at 1,433.4 MT in 2010, 1,538 MT in 2011, 1,560.1 MT in 2012, 1,650.4 MT in 2013 and 1,670.2 MT in 2014, the data showed.

"World crude steel production reached 1,622.8 MT for the year 2015, down by 2.8 per cent compared to 2014. Crude steel production decreased in all regions except Oceania in 2015," WSA said.