Will try to convince finance ministry to raise steel import duties to 10-12 pc: HD Kumaraswamy

Union Steel Minister H D Kumaraswamy on Wednesday said he will try to convince the finance ministry to raise duties on steel imports to 10-12 per cent from the current 7.5 per cent.

The minister expressed concerns on the manner in which China was dumping steel into India, and said several players from the steel industry visited him in the last two months and discussed the problems they were facing in the growth of the steel industry.

“The problem which you are facing from China for that I will try to convince… the finance ministry to look at (raising the duty on steel imports) from 7.5 per cent tax to 10-12 per cent tax,” he said while speaking at the Fifth Steel Conclave organised by the Indian Steel Association.

The minister also stressed on the need to remain vigilant against challenges such as the global demand slowdown, especially from the ramifications of a demand meltdown in China.

The steel ministry, he said, is committed to ensuring that the journey towards Aatmanirbhar Bharat in steel remains undeterred. The Indian steel industry is on the brink of reaching new heights, he said.

“We have seen demand grow at double-digit rates over the last three years, and this year is no exception. At the Ministry of Steel, we are confident in the growth story of Indian steel. However, I understand the challenges that lie ahead,” he said.

The minister further said that by investing in the latest technologies and optimising the processes, the carbon footprint can be reduced significantly.

“Hydrogen holds immense potential as a clean fuel for steel production. While there are challenges to overcome, we must invest in research and development to accelerate its commercialisation,” the minister added.