India, the world’s fourth largest steel maker, produced 7.25 million tonnes or just over five per cent of the total global output in March, according to the World Steel Association (WSA).
The country, however, beat the world’s average production growth rate in March. While India clocked a 3.9 per cent growth rate in production, the world’s average growth rate was at 2.7 per cent.
Global steel production in March stood at 141 mt, said WSA, a leading global industry body in its monthly report.
India had produced 6.98 mt steel in March last year.
China produced nearly half of the global steel production at 70.3 mt in March, up by 2.2 per cent compared to the same month last year. Japan’s production stood at 9.7 mt and South Korea’s production was 6.1 mt.
Among the European Union nations, Germany produced 4 mt of steel in March 2014, Italy produced 2.4 mt, France 1.4 mt and Spain produced 1.3 mt.
Turkey’s crude steel production was 2.8 mt, down by 4.3 per cent. Russia produced 6.0 mt, clocking an increase of 1.3 per cent and Ukraine’s production was 2.7 mt. The US produced 7.4 mt in March 2014, up by 0.9 per cent compared to March 2013.
“The crude steel capacity utilisation ratio in March 2014 was 79 per cent,” WSA said.