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PrintThe Steel Ministry would take a decision on imposing import duty and cutting export duty on steel in a week, the Union Steel Minister, Mr Ram Vilas Paswan, said here on the sidelines of India Chem 2008, an international exhibition and conference on chemicals, petrochemicals, pharmaceuticals and process plant machinery.
The industry needs support in difficult times to help complete a projected capacity of 124 million tonnes by 2011-12, he said adding that the Government was aware of the problems the steelmakers were facing.
With imports rising and prices falling, steelmakers last week urged the Government to impose 15 per cent import duty on hot rolled steel, restore the Duty Entitlement Pass Book benefits on exports and slash excise duty from 14.4 per cent to 8 per cent.
The industry also sought scrapping of export duty and fixing of floor price for steel import at $800 a tonne.
The Minister had assured them that the matter would be taken up with the Finance Ministry.
Mr Paswan said steel majors had assured the Government that if given the concessions sought for, they would hold prices for six months, failing which they would be forced to cut production.
The Ministry could decide import duty of up to 10 per cent, beyond which the Cabinet’s approval was required, Mr Paswan said. –Business Line
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