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Rising imports from China poses major challenge: Tata Steel MD

Jamshedpur, April 1: T V Narendran, managing director, Tata Steel India and SEA on Wednesday said that the rising import from China is a major challenge not only for Tata Steel but for the Indian Steel industry as a whole. As we step into the new financial year the key area of concern apart from import will be the commissioning of integrated Greenfield steel plant in Kalinganagar during monsoon.

Addressing the press conference after the production results of the steel company for the year FY 15 were declared, Narendran said, “Import from China is surging as the steel import has doubled in a year and it is challenge for the company to maintain cost. Last year China exported about 92 MT of steel while in India import from China has doubled”.

MD further said, “ Iron ore costs in India surged as it imported more raw materials to fill a gap created by the closing of one if its biggest mines. During the PM’s Trophy Award function held at Rourkela, the Steel industry delegation expressed their apprehensions over rising import from China to Union Steel Minister Narendra Singh Tomar and requested the government to support the steel industry in order to help ‘Make in India’ movement a success, Narendran added.

“Capital expenditure is much more in setting up a industry in India but we are the only country were raw material and customer both are available which can lead to increased manufacturing and with 1 million work force joining every month manufacturing and construction are the only sectors which can create maximum jobs and we have been holding talks with the government and steel industry is ready to invest in order to help ‘Make in India’ a hit, said Tata Steel MD.

Narendran went on to add that Tata Steel registered hot metal production of 10.15 Million Tonnes and thereby becoming the only steel plant in India to achieve the feat. “We have received environment clearance for production upto 10.55 Million Tonnes in Jamshedpur but we have applied for the production of 11 Million Tonnes of hot metal and hope so we get it cleared and Jamshedpur plant production reaches 11 MT”, added Tata Steel MD.

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