Global Steel Production
The Minister of Steel, Shri Beni Prasad Verma has said that the world crude steel production fell gradually from the month of May 2011 to touch the lowest level in November 2011. However, since then, production has been on a rising trend. Monthly output of crude steel (Global) of the last six months is indicated below:-
(In million tonnes)
Oct. 2011 Nov. 2011 Dec. 2011 Jan. 2012 Feb. 2012 March 2012
123.533 115.368 117.058 123.649 120.892 132.198
Source: World Steel Association
In a written reply in the Lok Sabha today he said, the government and various research agencies under it regularly monitor the developments in the world steel industry. The government does not intervene in the market as there are no restrictions on external trade in steel. However, as and when there is a need the government takes appropriate fiscal measures to mitigate any risk to the domestic industry.
Shri Verma said, since steel is a deregulated sector, Ministry of Steel has no regulatory powers. Investments in the steel sector are decided on the commercial prudence of the investor and the prevailing market condition i.e., demand –supply condition. Therefore, any decision regarding capacity expansion is that of the steel investors. Ministry of Steel plays the role of facilitator and coordinator between the steel investors and the Central /State machinery. It intervenes in the process when issues are brought before it.
The Minister said, an Inter-Ministerial Group (IMG) has been constituted with the job of monitoring and coordinating on the issues concerning major steel investments. IMG has no statutory powers to issue administrative directives. The IMG has been set up under the Chairmanship of Secretary (Steel) with Members from Ministries of Mines, Coal, Environment & Forests, Railways, Road Transport & Highways and Shipping and Chief Secretaries of concerned State Governments.