India's Steel Industry Seeks Shield: Proposed 25% Safeguard Duty

The Indian steel ministry has proposed a 25% safeguard duty on certain steel imports to support domestic manufacturers. In a meeting with Commerce and Industry Minister Piyush Goyal, concerns about rising imports harming local industry competitiveness were addressed. Discussions also focused on boosting domestic production and global competitiveness.

The Indian steel ministry has taken a significant step to protect the interests of the domestic steel industry by proposing a 25% safeguard duty on specific imported steel items. The proposition was addressed during a meeting in the national capital between Union Steel Minister H D Kumaraswamy and Commerce and Industry Minister Piyush Goyal, sources have revealed.

Both ministers, along with senior officials and top executives from major steel companies including SAIL, Tata Steel, JSW Steel, and AMNS India, participated in the discussions. Minister Goyal shared on X that the meeting centered around enhancing India's steel production, quality, and global competitiveness as both steel and metallurgical coke industries are pivotal to the nation's growth.

Minister Kumaraswamy emphasized the pressing issue of cheap steel imports affecting domestic companies and indicated that the proposed duty could help safeguard local industry interests. It's noted that a substantial percentage of steel imports are from free trade agreement countries and factor into strategic economic negotiations.

(With inputs from agencies.)