The Hindu Business Line : Paswan directs PSU steel companies to publish prices — Rules out divestment of Manganese Ore, SIL

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Paswan directs PSU steel companies to publish prices — Rules out divestment of Manganese Ore, SIL

Our Bureau

New Delhi , May 29

TO PREVENT steel traders from misleading consumers regarding steel prices and to bring in transparency in steel prices, public sector steel units would henceforth publish the prices of various categories of steel items in the regional newspapers every month or whenever there is a price revision, said the Union Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan.

Mr Paswan said he would take up the issue regarding the industry's demand for restoration of export incentives under the Duty Entitlement Pass Book (DEPB) scheme with the Ministry of Commerce and the Finance Ministry. DEPB was suspended in March this year to curb exports and meet the rising domestic demand.

Regarding shortage of coking coal in the domestic market and rising prices in the international market, the Minister said that steps were being initiated to ensure guaranteed supplies by acquiring mines abroad.

"We have asked our undertakings to make arrangements for securing mines wherever possible including overseas locations," he said adding that he would soon hold talks with the Minister for Coal, Mr Shibu Soren, to depute a senior official from the Ministry to help organise the effort.

Outlining the long-term strategy for the steel sector, Mr Paswan said a National Steel Policy would soon be prepared to envisage capacity addition to the tune of roughly 70 million tonnes by 2020, which is almost three times the current capacity.

The Minister ruled out disinvestment of PSUs like Manganese Ore India Ltd and Sponge Iron Ltd since both had reported net profit for fiscal 2003-04. Mr Paswan would also review the disinvestment decision of certain loss-making units and PSUs such as Mecon Ltd that were on the NDA Government's disinvestment list.

`Govt will revive Hind Antibiotic'

Mr Paswan, who also holds the portfolio of the Ministry of Chemicals and Fertilisers, ruled out disinvestment of the loss-making Hindustan Antibiotics Ltd (HAL) saying that the Government would revive the ailing PSU.

The company has a historical background, Mr Paswan said adding, "When Kasturba Gandhi died, Jawaharlal Nehru asked him (Gandhiji) what happened and Gandhiji said that she died due to lack of antibiotics. After that, the Government set up HAL.

However, the Minister said the decision of reviving the company under the Government control is not purely an emotional one but based on practical economic ground realities and also the fact that there is not a single antibiotic company, which is making losses.

"The company will need around Rs 70 crore for revival and it already has land worth Rs 40 crore," he said.

Mr Paswan said he would soon visit the HAL plant near Pune to assess the situation and finalise revival plans along with the Minister for Food and Agriculture, Mr Sharad Pawar, in whose constituency the unit falls.