India has emerged as one of the top ten stainless steel producer in the world. With a production of 1.1 million tonnes during 2002, the country has been ranked 8th in the world.

In 2002, the country crossed for the first time the 1 million tonne mark in stainless steel production.

In 2001, the production stood at 770,000 tonnes, according to Heinz Pariser, a Germany-based research outfit. It has projected 2003 production higher at 1.16 million tonnes.

According to the Indian Stainless Steel Development Association, the stainless steel industry in the country has also emerged as a big exporter with overseas sales totalling Rs 2,500 crore (Rs 25 billion) during 2002-03.

"The export of stainless steel hot-rolled coils, cold-rolled coils and long products was around Rs 1,500 crore (Rs 15 billion), while the export of value added items like kitchen utensils, forgings and castings accounted for another Rs 1,000 crore (Rs 10 billion)," ISSDA president N C Mathur said.

Among the domestic stainless steel companies, Jindal Strips, an O P Jindal group company, clocked the highest exports of Rs 750 crore (Rs 7.5 billion) during the year.

Jindal Strips is among the top 15 stainless steel producers in the world. It has an integrated facility to produce half-a-million tonne of stainless steel at Hissar in Haryana.

Like in other steel products, China has emerged as a big market for stainless steel producers the world over, with imports of over 2.4 million tonnes during 2002.

While China is the largest market for stainless steel in the world, the Indian market is seventh largest.

According to the Heinz Pariser report, Japan was the largest producer of stainless steel in the world during 2002 with an output of 3.835 million tonnes.

It was followed by the United States with a production of 2.185 million tonnes. Germany came third with 1.614 million tonnes.

Though stainless steel accounts for only 2.5 per cent of the world's steel production, it accounts for 12.5 per cent of the global steel turnover.

"This shows that it is a highly value-added product," Mathur added.