Stock Market News: India retained its position as the world's third-largest steel producer with a production of 14.6 million tonnes (MT) in the first three months of 2015, reported PTI. World Steel Association data showed that the country's production increased by 9.4 % in January-March quarter this year compared with the first three months last year. In February, India tumbled the US to become the world's third-biggest steel producer, after China and Japan. In March, the country's crude steel production grew by 10 % to 7.2 MT, while the global average decreased by 2.7 %. China, which produces half of the world's steel saw a decreased of around 2 % to clock 203.5 MT in the first 3 months of the year. On the other hand, world number two Japan saw a fall of 3 per cent to report steel production of 26.74 MT during the January to March period. In this month, Prime Minister Narendra Modi had said India needs to increase its steel production to surpass China to become the largest producer in the world, after it overtook the US.
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