Union Steel Minister H. D. Kumaraswamy.
Union Steel Minister H.D. Kumaraswamy said on Wednesday that his ministry is deliberating on policy measures to curb rising steel imports. This includes implementing minimum import price and protecting domestic industry. According to Bhasha news, the Steel Minister admitted that dealing with steel imports is the main issue and said that efforts are also being made to strengthen the domestic alloy industry.
We will convince the finance ministry
According to the report, on the question of expecting minimum import price on steel, the minister said that definitely, we will convince the Finance Ministry. Preliminary discussions are already underway. I am confident that we will convince the industry. We will decide how we have to impose duties to strengthen it. He said that he is committed to reviving the Rashtriya Ispat Nigam Limited, which is facing opposition from various parties against the proposed privatization of its Visakhapatnam steel plant.
Efforts on to revive RINL
Kumaraswamy said that RINL is facing challenges. Protests have been going on in RINL for the last one and a half years, but I am trying to revive RINL. I will not let it down. The Steel and Heavy Industries Minister made these remarks on the sidelines of a program here.
Steel consumption will grow at the rate of 9-10%
Domestic steel consumption will grow at a rate of 9-10 per cent in the current financial year. Rating agency ICRA recently made this estimate in a report. Steel demand remained strong in the first quarter (April-June) of the current financial year and consumption grew 15 per cent year-on-year amid competitively priced imports. The rating agency said in a statement that ICRA has projected a growth of 9-10 per cent in domestic steel consumption in the current financial year (2024-25).
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