India's steel sector thrives with 22% growth forecast by 2023, outpacing a slow global market.

India's metal and mining sector is thriving despite a sluggish global commodity market, with steel production expected to grow by 22% from 2019 to 2023. Indian steel companies are projected to see strong earnings growth from FY25-27, driven by higher volumes and better conversion spreads. This growth is supported by rising aluminum and alumina prices and effective cost management. Increased government spending on infrastructure in India is also boosting steel demand, with global demand expected to recover by 2025, especially in the US and China.