International BusinessNo large-scale dumping of cheap steel from abroad: Virbhadra
Denying large-scale dumping of cheap steel from China and the CIS countries into India, Steel Minister Virbhadra Singh today said the government will take tough measures if such cases are brought to its notice.
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"No case of large-scale dumping of cheap steel from China or the CIS (Commonwealth of Independent States) countries has come to light... If such case comes across, the ministry will deal it sternly," Singh, who is on one-week tour to his home state Himachal Pradesh, told reporters here.
He further said that steps were being taken to maintain stability in steel prices. Two-three years back prices of steel had gone up to around Rs 10,000 per tonne, which the ministry after exerting "moral pressures" on manufacturers brought down to about Rs 2,400 per tonne, he said.
Singh said his ministry has set a target to boost steel production capacity to 124 million tonne, public and private sector combined, by 2011-12 from 55 million tonne.
Terming steel as "basic infrastructure industry", the minister said Rs 70,000 crore would be spent in next 3-4 years for modernisation of public sector steel plants.