The Hindu Business Line : Steel imports up 50% in first six months

India will continue to remain a net importer of steel during the current fiscal with demand growing at around 11.2 per cent while growth in production is expected to be around 5.2 per cent, the Minister of Steel, Mr Ram Vilas Paswan, said here on Saturday.

During the first six months of this fiscal, steel imports have increased by around 50 per cent to about three million tonnes (mt) compared with the corresponding period of last fiscal, the Minister said at the National Steel Consumers’ Council meeting.

The domestic demand for steel is expected to touch 109 mt by 2012-13 and the expected production would be around 124 mt through brownfield expansion of the existing companies.

The Minister felt that steel prices were likely to fall due to the present global slump in demand.

JHARIA MINES

The Minister said that private and public sector steel companies have proposed forming a consortium along with Coal India to revive Jharia mines and seek its coking coal reserves, which are estimated to be around 500 mt.

“We will write to the Coal Ministry about the steel producers’ interest in saving the mines as well as rehabilitate the people,” the Minister said.

The estimated cost for reviving the Jharia mines and rehabilitate the five lakh people residing around it would involve an investment in the range of about Rs 8,000-10,000 crore, which steel producers are ready to bear, he added.

Related Stories:
Primary steel makers seek Ministry help to curb imports
Steel cos cutting prices to fight imports

More Stories on : Steel | Exports & Imports | Steel Authority of India Ltd

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