The steel sector is one of the core industries in the economy. India is the 3rd largest producer of Steel in the world.
The domestic production of total finished steel in 2016-17 has been 101.3 million tonnes as compared to 91 million tonnes in 2015-16.
In the backdrop of China’s recent economic slowdown, the global steel industry has faced major distress due to decline in global demand including China’s demand for steel.
In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices.
