New steel minister to stop dumping of steel in India

June 3rd, 2009 - 5:21 pm ICT by ANI  

New Delhi, June 3 (ANI): Minister of State for Steel A. Sai Prathap today said that demand of steel producers for measures to curb the threat of cheap steel imports and dumping must be immediately addressed.

He was talking to reporters after taking charge as Union Minister of State for Steel here.

He said all major steel producers are going for capacity expansion. They include the public sector giants, the Steel Authority of India Limited (SAIL) and the Rashtriya Ispat Nigam Limited (RINL).

“A major challenge of the Steel Ministry is to complete the expansion programme of the SAIL and the RINL on time with SAIL’s production capacity going up from the present level around 15 million tones per annum to around 26 million tons over the next three years.”

“While RINL’s capacity would double from the present level of three million tons per annum to around six million tons in two years with a total investment of more than Rs. 70,000 crore in both these companies,” he added.

He said the NMDC Limited, Hyderabad is also proposing to set up a Green field Integrated Steel Plant at Chhattisgarh for producing three million tons of steel per annum.

He said a proposal for RINL to acquire the Neelanchal Ispat Nigam Limited having a one million tons integrated steel plant at Orissa is also under active consideration of this Ministry.

He further said, “A key strategic priority would be to operationalise the newly set up International Coal Ventures Limited which is a partnership of the SAIL, theeRINL, the NMDC, the Coal India Limited and the NTPC for acquiring coal mines overseas for the use of Indian Steel producers like SAIL and RINL.

He said most of the Steel PSUs are in profit mode, making significant contributions to the Government exchequer. To capture the benefits of improved synergies, some of the Steel PSUs are in the process of restructuring and mergers. The companies under restructuring/mergers include the Bird Group of Companies, the HSCL, the BRL and the SIIL. (ANI)

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