Centre mulling steps to boost dumping-hit steel industry

The Government is contemplating appropriate measures on a priority basis to boost the steel sector and also held discussions with various stakeholders for inputs, Union Minister Narendra Singh Tomar said on Saturday. “We are in internal discussions on the measures and also held talks with all stakeholders in this regard,” Tomar, who was in the steel city to inaugurate a newly constructed school in Kandra in adjoining Seraikela-Kharswan district, said.

Talking to reporters at Sonari Aerodrome here, he said the sector is the backbone of the country’s economy. It also has a major contribution in the country’s GDP, he said adding that after talks with all stakeholders in view of the prevailing slump in the steel industry, the proposals had been placed before the Commerce Ministry to seek its view.

Stating that dumping from China was the reason behind the prevailing situation for the steel sector, Tomar said the government had already issued a quality control order to address the issue. The problem of dumping was mainly from China, which was doing it at less than the production cost, causing problem to the domestic industries, he said.

The Government was seriously considering measures in this regard, he said while admitting that the steel was a control-free and market-driven sector. The safeguard measures, including import duty implemented by the government, has benefitted the steel sector but the government felt the need to do more for the sector, which is currently passing through a bad phase. 

Tomar that said his ministry has directed the Steel Authority of India (SAIL) to adopt austerity measures in view of the melt down in the sector. “We have asked the officials of SAIL to adopt 

austerity measures and chalk out their plans accordingly,” the minister said.