Steel import News

Trade diversion due to the protective measures imposed by the US has been a major cause of the surge in imports. 

As per the National Steel Policy, the country aims to achieve 300 million tonnes of steel production capacity by the year 2030 with the present capacity at about 180 million tonnes. 

Seeking to overcome the biggest stumbling block in securing a deal for Tata Steel, the UK government today unveiled a unique pensions compromise scheme to secure the sale of the Indian conglomerate's loss making UK assets and save thousands of jobs.

The Commerce and Industry Ministry is not in favour of more steps to check import of cheaper steel.

UK-based Indian steel tycoon Sanjeev Gupta has come to the rescue of the troubled Tata Steel by opening discussions with owners of the steel giant to acquire its plants at Port Talbot, Britain's largest employing some 4,000 people

Government Monday imposed provisional safeguard duty of 20 percent on import of certain categories of steel with a view to protect domestic producers from recent surge in inward shipments, Finance Minister Arun Jaitley said.

In a much needed relief for domestic producers, the government has increased the basic customs duty (BCD) on certain long and flat steel products by 2.5 percent.

Facing a double whammy of rising imports and declining exports, domestic steel manufacturers are fearing further squeeze in their margins in a stubbornly subdued domestic market.

Allaying apprehensions of rising steel imports, state-run SAIL Sunday said capacity expansion of almost all steel-makers indicate that the domestic industry is resilient and competitive enough to balance it out with proportionate exports.