Steel imports up 25.6% to 11.7 mt in FY16
Steel imports increased by 25.6 per cent to 11.71 million tonnes in the last fiscal compared to 9.32 million tonnes (mt) in 2014-15. Minister of State for Steel Vishnu Deo Sai in a written reply to Lok Sabha said that in 2015-16 the finished steel import was at 11.71 million tonnes (provisional).
The domestic production of finished steel in the last financial year declined to 90.39 million tonnes (provisional), over 92.16 million tonnes in 2014-15, Sai said. The minister further said that after the issue of quality control order, import of seconds and defective products by some unscrupulous importers were reported in respect of some categories of steel products.
"However, the government does not maintain data on import, sale and storage of such sub-standard steel products standards-wise," he said.
In a separate reply to the house, the minister said that the government has long-term vision of increasing domestic steel production capacity to 300 million tonnes per annum by 2025.
"There are two steel projects of central public sector enterprises (CPSEs) under the Ministry of Steel with time overruns, namely, expansion of Bhilai Steel Plant and setting up of integrated steel plant at Nagarnar, Chhattisgarh, which are implemented by SAIL and NMDC respectively," the minister said.