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Ambarish Mukherjee

`No tangible benefit will be there'

New Delhi , Jan. 6

The steel industry is against India becoming a member of the steel committee of the Organisation for Economic Cooperation and Development (OECD).

The Steel Ministry had on Thursday called a meeting of producers to discuss the OECD's offer of membership, to which the producers responded by saying that the country will not have any tangible benefit from it.

They said that there would not be any benefit even in terms of technology as restrictions regarding expansion of capacity, closing down of certain old capacities and tax concessions will require OECD members' approval if India accepts the membership offer, sources indicated.

Current members of the OECD steel committee include the US, European Union, Japan, Canada, France, Germany and Brazil.

According to steel company officials who attended the meeting, the overwhelming view was that these developed countries have reached a saturation point in terms of consumption and their cost of production is also higher compared to the average cost of producing steel in India.

At the meeting, no final decision was taken.

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