India is now the 3rd largest steel producer in the world

India has become the world's third largest steel producer and is willing to produce 300 million tonnes in the next decade Union Steel & Mines Minister Narendra Singh Tomar said today. The country will replace USA at the 3rd spot.

"So far India was the 4th largest steel producer in the world only after China, Japan and the US. However, during the first five months of this calendar year, India has achieved the 3rd position in the global steel production," Tomar said.

Tomar said that the Indian steel industry is growing at a reasonably good rate and last year the growth in crude steel production in India was more than 8%.

"However, per capita steel consumption is quite low, 60 kg as against the world average of 216 kg. The low consumption no doubt indicates huge growth potential for Indian steel industry. India has fixed a target of 300 MT production capacity by 2025 and the steel ministry is working out action plan and strategies to achieve this target," he said.

(Image credit: Indiatimes)