PTI reported that steel producers like SAIL, TATA Steel, JSW, Essar and Ispat on Tuesday asked the India government to pump in more liquidity into the system to stimulate demand for the commodity from sectors like automobile and construction.
The producers, who participated in a meeting called by Mr PK Rastogi Steel Secretary also demanded that the import duty on steel be enhanced to 15% from the present 5% and restrictions on shipments from overseas be continued.
Mr Rastogi said that "The steel industry wants the government to infuse more liquidity to boost demand for the commodity from consuming sectors. They also want an increase in import duty and DEPB rates and reduction in excise to either 5% or nil."
He said when asked that whether the ministry will favour the demands of the industry, it would look into it and take a comprehensive view.
He added that the steel sector was under tremendous stress, the companies are poised to witness a steep fall in profits in their third quarter results. He said that "Many companies will post lower profits and some will even not post any profit."
Source : Press Trust of India