Steel makers expect protectionist measures in Budget

Domestic steel makers said they are expecting protectionist measures in the upcoming Budget to safeguard the sector from dumping.

AMNS India CEO Dilip Oommen said he expects the government to continue its focus on infrastructure development while enhancing the ease of doing business.

Finance Minister Nirmala Sitharaman will present the Union Budget for the 2025-26 financial year in Parliament on February 1, 2025.

JSW Steel joint MD & CEO Jayant Acharya said a level-playing field and measures against unfair trade will be essential for maintaining growth momentum of the Indian steel industry.

Synergy Steels managing director Anubhav Kathuria said the Budget may also consider fiscal incentives and logistical support to offset high input costs, which squeezed out margins in 2024.

JSL MD Abhyuday Jindal said, "We urge the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries."

These steps will further strengthen the domestic stainless steel sector and position it as a vital driver of India's Viksit Bharat@2047 vision, he said.

Ritabrata Ghosh, vice president & sector head, Corporate Ratings, ICRA, said, "Current year 2024 was a challenging year for the domestic steel players, as the industry witnessed earnings pressure amidst steel exports from China and other FTA countries being diverted in large volumes to high-growth markets like India."