Paswan asks steel industry to hold prices

July 31st, 2008 - 9:24 pm ICT by IANS  

A file-photo of Manmohan Singh

New Delhi, July 31 (IANS)Steel Minister Ram Vilas Paswan said Wednesday that the steel industry would not raise prices even after Aug 7, the agreed deadline for holding prices, keeping the national interest in mind. Steel manufacturers at a meeting with Prime Minister Manmohan Singh May 7 had agreed to reduce prices of flat steel products by Rs.4,000 a tonne and by Rs.2,000 per tonne in the case of structural steel, and not to revise prices for the next three months ending Aug 7.

Talking to the media, he said Steel Authority of India Limited (SAIL) has been asked not to hike prices. In view of the exceptional situation, he would like the industry to cooperate.

He said the government wants the steel industry to prosper and was extending it various facilities directly and indirectly that should have a favourable impact on their cost structure.

“So long as the industry earns reasonable profit, where is the need to raise prices?” he asked on the sidelines of a business meet.

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