India is currently the world’s third-largest producer of crude steel compared to its eighth position in 2003 and is likely to be the second-largest steel producer within a few years, according to India's Ministry of Steel.
In addition, according to Ministry of Steel, India is currently the world’s largest producer of direct reduced iron (DRI) and sponge iron, a status it has maintained every year since 2003. The country was also the world’s third-largest consumer of finished steel in the world in 2015 (preceded by China and the US) and is expected to maintain this ranking for 2016.
The ministry stated that over the last few years the steel sector has been adversely impacted by the global steel glut which resulted in predatory pricing and a surge in steel imports into the country. However, on account of timely intervention by the government and industry through various trade-related measures like antidumping and safeguards as well as other policy initiatives, the impact of the global glut were significantly mitigated. As a result of various steps taken, India’s steel imports declined by 38.28 percent in the April-November period of 2016, while exports have increased by 59.96 percent in the same period, both year on year. Overall steel production of the country rose by 8.8 percent year on year in the April-November period of last year.