Steel makers hail govt for proposing safeguard duty on flat steel imports

New Delhi: The domestic steel industry has welcomed the Commerce Ministry’s move to recommend a safeguard duty on imports of certain flat steel products, saying that such measures help India become self-reliant in the sector.

In a statement, Naveen Jindal, President of Indian Steel Association (ISA), said recommendation of a safeguard duty on flat steel imports for three years is a welcome step.

“While the proposed 12 per cent duty may not fully reflect the geopolitical context where 25 per cent is often considered the norm, it demonstrates clear government support for using such measures to promote Aatmanirbhar Bharat in steel,” he said.

Jindal, who is also the chairman of Jindal Steel, said introducing a safety net through minimum import prices, below which the recommended duty would be triggered, is also a positive move to protect and support the downstream industry.

The Directorate General of Trade Remedies (DGTR), under the Ministry of Commerce, has recommended final imposition of a safeguard duty on imports of certain flat steel products for three years to protect domestic manufacturers from sudden jump in the inbound shipments.

DGTR is the apex authority for administering all trade remedial measures, including anti-dumping, countervailing duties and safeguard measures.

The duty was recommended by the Directorate General of Trade Remedies in its final findings of a probe initiated on a complaint by the Indian Steel Association.

Based on the preliminary findings, the government in April has already imposed a provisional 12 per cent safeguard duty for 200 days.