India's Steel Output Exceeds World's Average Growth Rate in November

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Researched by Industrial Info Resources India (Delhi, India)--India with 6.89-million tons (MT) of Steel production grew at 4.8% outpacing the world average of 0.1% growth in the month of November 2014.

According to World Steel Organisation (WSA), in the January-November period, India has produced 76.19 MT of steel compared to 74.37 MT during the same period last year, posting a 2.4% growth and placing itself all over again at the fourth position in the global arena following China, Japan and America. Global steel production during the period grew by 1.8% to 1,497.75 MT compared to 1,471.44 MT in the same period last year.

Despite dip in the previous months, China holds top spot in Global Steel production at 748.67 MT during January-November period, whereas Japan maintains second position with a production of 101.66 MT, clocking a 0.4% growth over 101.25 MT a year-ago and America at the third slot with 80.95 MT registering a 1.5% growth from 79.75 MT of steel a year ago.

In the European Union, Germany produced 3.6 MT of crude steel in November 2014, a decrease of 1.9% compared to November 2013 while Italy produced 1.9 MT of crude steel, downfall of 13.9% from November 2013. The ranking among the top four steel producers remain the same for the last four years.

WSA, which has compiled data from 65 different countries, accounting for 98% of the global steel in 2013, for the analytical ranking, said world steel output touched 130.52 MT in November this year against 130.42 MT a year earlier.

Lower production in China, which is the largest producer and consumer of steel in the world, was mainly to blame for the subdued growth in the world average growth rate of steel . Steel production in China has declined by 0.2% to 63.3 MT in November this year, compared to the same month last year.

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