The industry is waiting for an action from the government to check steel imports, which are affecting the domestic players, Tata Steel CEO T V Narendran said on Friday. He also warned future investments in the steel sector getting impacted due to present situation of surging imports.
The steel industry has been one of the biggest private sector investors over the last few years. All players in the industry have announced big expansion plans. One round of expansion is getting completed, he told PTI on the sidelines of 69th Foundation Day of All India Management Association or AIMA in the national capital.
A lot of steel which can't find other markets end up in India and depress prices here to levels at which the steel company struggle to have healthy cash flows, Narendran, who is also the Senior Vice President of AIMA, said.
At some point in time, future investments can't get impacted, he said.
The comments assume significance as India aims to take its overall installed steel manufacturing capacity to 300 million tonne by 2030 and aligned with this vision of the government, all large steel players have already announced their expansion plans.
Steel and stainless steel industry players have been consistently raising the issue of import with the government, claiming the surge in inbound shipments from select group of countries including China has affected their competitiveness.
Indian Steel Association or ISA has already filed application with the Directorate General of Trade Remedies or DGTR in this regard which is reviewing it.
"I think that has been our submission to the government and I think the government has heard us and hopefully they will be some actions, you know, and we are waiting for that," he said.
As per official data, India's steel exports have shrunk 28.9% to 3.99 million tonne during the April-January period of FY25, compared to 5.61 million tonne in the corresponding period of the preceding fiscal.
The country remained a net importer of steel with the inbound shipments rising over 20% to 8.29 million tonne during the April-January period of the current fiscal.
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