Steel output in June qtr grows 4.3 pc to 24.73 MT

India's crude steel production grew 4.3 per cent to 24.73 million tonne (MT) during first quarter of the ongoing fiscal.
The crude steel production stood at 23.71 MT during April-June of 2016-17, Joint Plant Committee (JPC), a body under Ministry of Steel, said in its latest report.
Last month, the production rose 3.24 per cent at 8.29 MT against 8.03 MT in June 2016.
In April-June, hot metal output stood at 15.99 MT, registering a growth of two per cent over same period last year, JPC said in the report adding, "overall hot metal production last month at 5.32 MT was almost at the same level as in June 2016 and May 2017."

During the quarter, the country's pig iron production for sale was at 2.28 MT, down three per cent over same period last year. Overall production for sale of pig iron last month was at 0.75 MT, down 0.9 per cent over May this year and 3.7 per cent over June 2016.
"Production of total finished steel for sale was at 26.30 MT during April-June 2017, a growth of 6.7 per cent over same period of last year," the report said.

In June, the overall production for sale of total finished steel was down two per cent at 8.82 MT over May this year.

The ministry of steel has set an ambitious target of taking the country's steel output to 300 MT by 2010-31 from 100 MT now, and is taking various measures to boost the sector. The government has approved National Steel Policy 2017 (NSP) in this regard.
It has also given nod to another policy for providing preference to domestically manufactured iron and steel products in government procurements.