The steel industry is the second biggest industry in the world after oil and gas with an estimated global turnover of 900 billion USD. In 2014, global crude steel production reached 1,665 million tones and India is the 4th largest producer of this item globally with a production of 86.5 million tones.
World steel exports touched 452 million tons in 2014. In terms of value, global exports of Iron & Steel and articles of iron & steel touched around USD 734 billion in 2014 but declined to around USD 605 billion in 2015. India was the 14th largest exporter and 15th largest importer of steel in the world in 2014, in terms of quantity.
The housing and construction sector is the largest consumer of steel today, using around 50% of steel produced. The growth in the Indian steel sector has been driven by domestic availability of raw materials such as iron ore and cost-effective labor. The Indian steel industry is very modern with state-of-the-art steel mills. It has always strived for continuous modernization and up-gradation of older plants and higher energy efficiency levels.