India’s success story: World’s 2nd largest stainless steel producer

India overtook Japan to become the world’s second largest stainless steel producer after China, in 2016, according to data released by the International Stainless Steel Forum (ISSF). The country’s output rose to 3.324 million tons for the fiscal year 2016, compared to 3.093 million tons in Japan, showing an impressive compound annual growth rate of over 9%.

Growing domestic demand – particularly in the architecture, building and construction (ABC) and automotive, railways and transport (ART) sectors, together with the process industry – has propelled this growth despite serious concerns about the rise in imports, especially from neighbouring countries.

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