Steel imports exceeding exports a serious matter, says Tomar

Sharing the concerns of a member in Rajya Sabha over the growing steel imports, Steel Minster Narendra Singh Tomar on Wednesday said they are seized of the issue and discussing the matter with the Finance Ministry.

Replying to a question raised by Tapan Sen (CPI-M), Tomar said the import stood at nine million tonnes as against six million tonnes of export last year. “The members concern is valid. We are seized of the matter and are holding discussion with the Finance Ministry,” Tomar said. 

Sen said the investment towards the ongoing capacity expansion would be of little use if steel import continues to rise. About the ongoing expansion work, the Minister said work at the Rourkela and Bokaro steel plants have been completed and it would be wound up in Durgapur and Bhilai by the Seprember 2015 deadline, with the production capacity going up to 23 million tonnes. 

He said Steel Authority of India has prepared a draft vision 2025 envisaging hot metal production target of 50 million tonnes by 2025 and the estimated investment for achieving the target would be 1.50 lakh crore. While the investment proposal is yet to be firmed up, the source of funding would be through a mix of equity and debt, the Minister said.