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July 20, 2001
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Money > Business Headlines > Report July 20, 2001 |
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Steel captains to urge US to impose non-tariff barriersIshita Ayan Dutt A team comprising heavyweights from the steel industry, led by steel secretary N N Khanna, will leave for the US by the end of July for a meeting with the US Department of Commerce. Steel ministry sources said the team would propose the idea of imposing quantitative restrictions on India as a permanent solution to the continuous tariff wars on US shores. Such restrictions have already been imposed on South Korea. "If Indian producers are allowed to export two per cent of US' imports, it would suit us fine," steel industry sources said. Total US imports of finished steel last year were to the tune of 36 million tonne. Following preliminary determinations, the US Department of Commerce has levied a provisional anti-dumping duty on hot-rolled coil (HRC) imports from India. Ispat Industries has been the worst hit with a preliminary anti-dumping margin set at 39 per cent. For Essar Steel and all other exporters the margin has been set at 35 per cent. HRC imports from India during January-October 2000 were 841,000 tonne. A decision on the final anti-dumping duty will be taken by the US within 160 days from the date of imposition of preliminary anti-dumping duty and, hence, the urgency to come an agreement before that. Meanwhile, trade barriers set up by the US and the European Union and the slowdown in the Indian economy have cast their shadow on the domestic steel market. Most steel companies have recorded a downturn in the first quarter of the current financial year. The second quarter figures are not likely to be any better. In 2000-01, there was a boost in consumption, which touched 26.6 million tonne. There were widespread expectations that, with a similar growth in consumption, the steel industry would be out of woods in 2-3 years. But, that seems a distant dream now, said industry sources. In the first quarter of the current financial year, steel consumption has virtually stagnated at the same levels as last year. While consumption of long products exhibited a growth of around 3 per cent, that of flat products came down marginally. Powered by YOU MAY ALSO WANT TO READ:
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