Financial Daily from THE HINDU group of publications
Wednesday, Mar 24, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 24, 2004 |
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Opinion
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Letters Steel prices
This is with reference to "Steel: Needless tinkering" (Business Line, March 23). The article has rightly pointed out that though there is some justification for import and excise duty reductions in steel, the efforts taken to curb exports and make available supplies to small-scale units at subsidised rates are uncalled for in a liberalised economy. The subsidising of steel for small-scale units when global prices of iron ore have gone up from $35 per tonne to $100 per tonne in the last six months is uncalled for. Also, in the same period, metallurgical coke prices have risen from $120 per tonne to $330 per tonne. There is a need to formulate policies that will help boost the export of steel. As pointed out in the article, "The steel industry is at an import juncture today. Deteriorating balance-sheets had affected investment decisions of many companies over the past few years, which are expected to change dramatically now." Now is the time for the Centre to act. D. Satish Kumar Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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