The Hindu Business Line : Cheap steel inflow looks likely

THE imposition of import tariffs ranging from 8 per cent to 30 per cent by the US Government on different categories of steel for the next three years will effectively shut out the US market for Indian exporters. However, the impact of this development on steel exports from India by producers such as Essar Steel, Jindal Vijayanagar Steel and Ispat Industries may be minimal.

A series of anti-dumping measures imposed by the US at different stages had forced them to scale down their exports to the US over the past year or so.

However, this move opens up the possibility of diversion of cheap imports to India as the peak rate of customs duty has been reduced in the Budget for 2002-03 from 35 per cent to 30 per cent for certain steel products. The near-term sentiment associated with steel stocks such as Tata Steel, Steel Authority of India, Essar Steel, Jindal Vijayanagar Steel and Ispat Industries may be affected as a consequence.

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