Business News | Higher Import Duties on Chinese Steel: Decision to Be Taken After Discussion with Finance Minister, Says H.D. Kumaraswamy
Get latest articles and stories on Business at LatestLY. The central government will take all necessary steps to protect the domestic steel sector, including addressing the challenges posed by cheap Chinese steel, said H.D. Kumaraswamy, Union Minister for Heavy Industries and Steel.
New Delhi [India], September 18 (ANI): The central government will take all necessary steps to protect the domestic steel sector, including addressing the challenges posed by cheap Chinese steel, said H.D. Kumaraswamy, Union Minister for Heavy Industries and Steel.
Speaking at the Domestic Alloy Industry Conference organised by the Indian Primary Alloy and Ferroalloy Association (IPAFA) in New Delhi on Wednesday, the minister responded to a question about the uncontrolled import of steel from China.
He mentioned that the government will soon discuss the possibility of imposing higher import duties on Chinese steel with Finance Minister Nirmala Sitharaman, stressing that the domestic steel sector will not be allowed to face any danger.
He added, "It is our responsibility to protect both the domestic steel and alloy industries. We must safeguard the industry from challenges, and in this regard, we will discuss with the Finance Minister the imposition of a minimum import duty on steel. Preliminary discussions are already underway, and efforts will be made to convince the Finance Minister."
"Steel is the backbone of the country's economy, and we will work to strengthen it. The ministry is engaged in continuous discussions on this matter," he said.
When asked about the ongoing protests against the privatisation of the Visakhapatnam National Steel Plant (Vizag Steel), the minister responded, "I am aware of the situation. We face challenges, but we are making every effort to stabilize and save the plant."
Earlier, in his inaugural speech at the Domestic Alloy Industry Conference, the minister mentioned that the Prime Minister has set a goal of achieving 300 million tons of annual steel production and that efforts are ongoing to realise this vision.
Ajit Kumar Saxena, Chairman and Managing Director of MOIL (Manganese Ore India Ltd.), and Manish Sarda, President of IPAFA, were also present at the event. (ANI)
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