MUMBAI: The country's steel production and consumption is likely to remain higher in 2017-18 from 89.79 MT of crude steel during 2015-16 backed by an increase in infrastructure allocation in the Budget , a report said.In 2017-18, steel production is expected to remain higher. This will be backed by an expected revival in consumption. But the protection cannot be expected to last forever and the industry has to gear itself to face competition in the normal course, Care Ratings said.In 2014-15, India surpassed the US to become the third largest steel producer in the world. India continued with this position in 2015-16 as well. This is because it is likely that the demand for steel from the user industries like construction, real estate will take some time to strengthen.However, government push towards infrastructure will compensate for this reduction in demand, it added.

Source: Economic Times February 19, 2017 08:37 UTC