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JSW Steel’s CEO backs safeguard tariffs as essential for market balance.
Tariffs are seen as a protective measure for the Indian steel industry.
The move supports the government's vision of boosting domestic manufacturing.
In a recent statement, Seshagiri Rao, Joint Managing Director and Group CFO of JSW Steel, highlighted the positive impact of safeguard steel tariffs on controlling imports and protecting India’s domestic steel industry. According to Rao, the new tariffs are a crucial move for reducing the surge of cheap imports and ensuring the stability of the Indian steel market.
India has been grappling with increasing imports of steel, especially from countries like China and South Korea, which has affected the pricing and competitiveness of domestic manufacturers. The safeguard tariffs aim to level the playing field, providing Indian steel producers with the necessary protection against unfair trade practices and market distortions.
JSW Steel has long advocated for measures that support local industries and prevent flooding the market with imported goods at unsustainable prices. Rao mentioned that these tariffs are expected to encourage fair competition and boost the growth of the domestic steel industry.
With the government taking proactive steps to ensure the sustainability of local businesses, this tariff move is seen as a significant step in strengthening the country’s manufacturing sector and increasing self-reliance.
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