Indian crude steel production will grow around 10 percent annually during the 2010-2013 period, according to a report entitled ‘Indian Steel Industry Outlook to 2012' by RNCOS, a market research and information analysis company with a global presence. The report forecasts that domestic steel consumption in India, which is the fifth largest steel producer globally, is expected to grow significantly in coming years as per capita finished steel consumption in India is far less than its regional counterparts.
The essential factors for the growth expected in Indian crude steel output cited by the report are the acquisition of global scale capacities by players, continuous modernization and upgrading of old plants, improving energy efficiency, and integration into global raw material sources. Meanwhile, stainless steel is finding innovative applications due to its corrosion resistant properties. Crude steel production in India registered a year-on-year growth of 6.4 percent in 2010, reaching 66.8 million metric tons.