Tuesday, October 25, 2016

Steel Production in Perspective


Staying up-to-date is a quite a challenge these days. There is so much information floating around in the print media, and in cyberspace that its a constant struggle to separate the wheat from the chaff; the signals from the noise.

Take for instance the recent headlines in the Financial Express on global steel production. According to the news report, India has "registered a 6% growth in steel output in Jan-Sept... India remained the only bright spot among major steel-producing nations in the world."

Quite impressive to be the 'only bright spot' -- until you notice a graphic tucked away. Now this tells you that a growth of nearly 6% actually translates in an increase in production from 67 million tonnes to 71 mT. The exalted position of the "third largest producer of steel in the world" looks quite pathetic when you realize that the guy in the fist position has produced 604 mT of steel -- nearly 10x times the Indian production during the same period!


An increase of 4mT gives India an "impressive" 6% growth while just about the same increase (3mT) gives China a growth of "only" 0.4%.

Is there a better case of comparing watermelons and lemons?

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REFERENCES & LINKS

- Financial Express (22Oct16) - India registers 6% growth in steel output in Jan-Sept. http://www.financialexpress.com/markets/commodities/india-registers-6-growth-in-steel-output-in-jan-sept/426301/
- World Steel Association - https://www.worldsteel.org/
- Top Steel Producers (2015) - https://www.worldsteel.org/statistics/top-producers.html

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