ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Steel : Time to Look Inward

Indian steel has been virtually shut out of the US following the notification by the latter of final anti-dumping duties on imports from India, along with eight other countries. The levies, to apply for five years on US imports of hot-rolled coils, range from 29.35 per cent on Essar Steel to 43.04 per cent on Ispat. Tata Steel, Steel Authority of India and Jindal Vijayanagar Steel have been slapped with a weighted average duty of 33.17 per cent. The levies also include countervailing duties, ostensibly to counter the subsidies received by Indian steel exporters from the government. Hot-rolled steel exports to the US, India’s largest export market, earned Rs 900 crore in 2000. The Indian industry has called the US commerce department’s move protectionist. Huge imports from more efficient producing countries in recent years have pushed several US steel mills into bankruptcy and layoffs. The patriotic fervour to protect the US industry appears to have gained ground after the September 11 terrorist attacks. The US administration appears to have moved rather quickly to defend the interests of its high-cost steel producers.

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