New Delhi: The per capita consumption of total finished steel in India has risen from 58 kg in 2011-12 to 63 kg in 2015-16. According to Joint Plant Committee, crude steel capacity in the country stood at 121.97 million ones in 2015-16 while production of crude steel stood at 89.79 mt during the same year. India is the third largest steel producer globally and is likely to be the second largest steel producer in a few years. The sector contributes about 2 per cent to the country’s GDP and employs over 6 lakh people. Over the last few years, the steel sector has been adversely impacted by the global steel glut which resulted in predatory pricing.

The government has extended Minimum Import Price (MIP) on 19 steel products till February 4, 2017 in order to provide a level playing field to the domestic steel producers.

A provisional anti-dumping duty has been notified on import of flat products (hot rolled and cold rolled) and on wire rods from China, Japan, Korea, Russia, Brazil, Indonesia and Ukraine.

Among other steps taken to give a boost to the steel industry, the Steel Authority of India Ltd has undertaken modernisation and expansion of its integrated steel plants at Bhilai, Bokaro, Rourkela, Durgapur and Burnpur.

Working towards its aim of growing capacity to 300 million tonnes of crude steel by 2025-26, the Ministry of Steel has evolved a concept of developing Ultra Mega Steel Plants and SAIL is participating for setting up of an Ultra Mega Steel Plant of capacity (3+3) or (4+2) MTPA (milliont tonnes per annum) in Bastar, Chhattisgarh.