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Our Bureau

New Delhi , Nov. 16

THE Ministry of Steel is in favour of reducing the import duty for scrap steel that is critical for secondary steel makers.

Speaking at an interactive session on the steel industry, organised by the All India Induction Furnace Association (AIIFA), here on Wednesday, the joint secretary in the Steel Ministry, Mr J.P. Singh, said, "We have recommended to the Central Board of Excise and Customs (CBEC) for further easing of duty on scrap import. The Ministry is of the view that the secondary steel maker suffered due to shortage of this crucial raw material."

He also said that the Government will set up a research and development (R&D) mission soon to promote industrial research. He added that the induction furnace industry has been told to spend more on R&D and work towards newer technologies to produce more quality steel with reduced input costs to be competitive in the domestic and international markets.

On the steel policy announced earlier this month, Mr Singh said the policy has outlined the demand of steel and production level to surface over the next 15 years and the Ministry is preparing an action plan, which would take care of all concerns regarding raw materials and iron ore.

"We will give equal importance to both primary and steel makers in the new action plan. The strategy note would incorporate detailed requirements for steel sector," he said.

Mr Gopal Gupta, President, AIIFA, said the main setback to the secondary steel industry is the costly power tariff and higher excise and customs duties, which are hampering its progress and competitiveness in the global market.

He also urged the Government to include members from this industry while finalising plans as this sector is ignored and only prime producers are invited to such meetings.

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