Sunday , 18 November 2018
TRENDING NOW
Steel user industry optimistic on future prospects

Steel user industry optimistic on future prospects

The downstream steel user industry in India has been grappling with several problems lately. However stakeholders of the galvanizing, coating and profiling industry took a buoyant view of future prospects at the fifth annual summit held in south Goa recently.

The summit ended on Saturday with stakeholders predicting target production of 300 million tons by 2030. Speaking at the occasion, Nikunj Turakhia, president, Steel Users Federation of India (SUFI), said that, the Indian steel user industry has been faced with multiple challenges like stagnant demand, fund crisis, policy bottlenecks, debtor’s defaults, sudden and multiple impositions of tariff and non-tariff barriers on imports, currency fluctuation and so on.”

He said that the union government has set an ambitious target of 300 millon tons steel production which can be nearly achieved. “That is an ambitious target. If you can achieve 20-30 per cent lower than the target, then also you have achieved something,” he said.

Industry stakeholders listed out various issues confronting the trade. Some of the hurdles include, imposition of steel quality control order by BIS, imposition of safeguard duty and MIP on several steel products. “They are unprecedented moves and needed a comprehensive, united and forceful representation from the various segments of steel user industry across the nation,” said SUFI on the sidelines of the event. According to SUFI, “The policy announcements or amendments to the existing policy framework should have been well deliberated, considered and agreed upon by these three pillars so as to strengthen the industry as a whole and march together to achieve the target of 300 million tons steel product by 2030.”

R V Sridhar, chief executive officer, Essar Steel, said that, the per capital steel consumption in India is 60 kg which is low compared to countries like China, Japan and others.

The summit had participants from leading companies. Jubin Thakkar, managing director, Colour Roof India, Mohani, Asian Colour Coated Ispat and Rajesh Mehrotra, managing director, Berger Becker Coatings, were present at the event.

 

Please like & share: