Steel Sector Faces Challenges Amidst US Tariff Plans

India's steel sector is grappling with potential impacts from proposed US tariffs. AMNS India's Ranjan Dhar calls for protectionism amidst rising imports. While DGTR recommends a provisional safeguard duty to protect domestic players, the final decision rests with the finance ministry.

The Indian steel industry is facing significant challenges following the US administration's decision to impose tariffs on domestic production. Arcelor Mittal Nippon Steel (AMNS) India's Ranjan Dhar emphasized the need for the Indian steel market to embrace protectionism amidst growing import concerns.

SAIL Chairman Amarendu Prakash previously warned that higher US tariffs could alter global trade routes, potentially increasing India's vulnerability to steel imports. This comes as countries exporting to the US might redirect their shipments to the Indian market.

Though the Directorate General of Trade Remedies has proposed a provisional 12 per cent safeguard duty on certain steel imports, the final decision now lies with the finance ministry. This duty could significantly reduce India's steel imports while enhancing domestic profitability, according to industry experts.

(With inputs from agencies.)