Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
As the Indian government prepares for the interim Budget, steelmakers express their expectations, including a continued emphasis on infrastructure spending, support for domestic manufacturing, and measures to control rising imports. Tata Steel CEO & MD T V Narendran emphasise the need for ongoing infrastructure spending and improvements in the business environment. The industry also calls for measures to curb increasing imports to safeguard profitability and investment plans.
Dilip Oommen, CEO of ArcelorMittal Nippon Steel India, urges the government to focus on fair trade policies, anti-dumping measures, raw material security, infrastructure investment, a competitive financial ecosystem, research and development (R&D) incentives, export promotion, skill development, and environmental sustainability. Rationalising taxation on key inputs like natural gas, coking coal, electricity, and iron ore is recommended for sustainability.
Oommen suggests that a further push for domestic manufacturing will attract investment, create jobs, and enhance India's global competitiveness, positioning it as a viable alternative to China. For the stainless steel industry, Anubhav Kathuria, Director of Synergy Steels, proposes a reduction in import duties on critical raw materials such as ferro nickel, graphite electrodes, and molybdenum concentrate, aiming to improve cost-competitiveness and ensure raw material security.
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