Steel industry crisis to loom for another 18-24 months: Official

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SME Times News Bureau | 25 Sep, 2015
With imported Chinese steel flooding the Indian market and a global surplus generated in the sector, the steel ministry has assessed the crisis to loom for another 18-24 months, an official said.

"We have assessed the steel situation and according to it the (steel) industry is expected to remain under stress for the next 18-24 months," joint secretary in the ministry, Syedain Abbasi said here during an event organised by BCCI.

He said the central government has taken measures to curb steel imports to help the domestic steel manufacturers during the ongoing stressed period.

As per the official, demand for steel in India is likely to remain strong in the ongoing fiscal.

"I can understand the industry is facing unfair competition from the Chinese producers. But 5-7 percent steel import is healthy for domestic industry. Import is necessary for fair pricing of steel in the country," he said.

However, Abbasi said despite the ongoing stress on the industry, steel production in India will rise to touch 300 million tonnes by 2025.