World Steel Report 2020

World Steel Report 2020

The World Steel Report 2020 has been released by the World Steel Association on 24 May 2020. The report depicts the decline in the production of crude steel by 65 percent to 3.13 million tonnes due to the nationwide lockdown that was imposed to contain the spread of Coronavirus pandemic.

Key Points:

• India had produced 9.02 million tonnes of steel in the same time period in the year 2019.
• The steel industry in India currently functions under the National Steel Policy of 2017 and seeks to augment the steel production to 300 million tonnes by 2030.
• Steel output has also declined across the globe by 13 per cent to 137.09 MT in comparison to 157.67 MT produced in April 2019.
• China had also reported a 1.7 percent fall in its production in March at 78.97 MT. It produced 85.03 MT steel in April, which is a small increase of 0.2 percent in comparison to the 84.87 MT in the same month in 2019.
• The decline in the production in steel in the US was by 32 percent whereas in Japan and South Korea the fall was by 23 percent and 8.4 percent respectively.