In the times of economic slowdown, public sector steel major Steel Authority of India Ltd has decided to move ahead with its Rs 54,000-crore expansion plans.  

SK Roongta, SAIL’s chairman told, “All our short term expansion plans are on track and though there is a liquidity crunch around the world, we will raise whatever capital is required at the appropriate time. Half of the Rs 54,000 crore needed to ramp up capacity to 26.2 million tonnes from the current 15 million tonnes would be through external borrowings.”

Bringing cheer to the industry and aiming at a marginal relief to the government revenues as well, the government on Tuesday slapped a 5% import duty on specified iron and steel products, and a basic customs duty of 20% ad valorem on crude soyabean oil. However, there is however no change in the import duty on refined soyabean oil.

A wholly owned subsidiary of JSW Steel, JSW Building Systems, has announced to form 50:50 joint venture with Severfield Reeve Structures. Severfield Reeve Structures is a UK based company, a wholly owned subsidiary of Severfield-Rowen. It is known for high quality structural steel across the world.

Owing to a slowdown in the manufacturing sector and the ongoing economic crisis, leading steel manufacturer Ispat Industries Ltd is planning to cut production further by 10 percent by December.

The company's Vice-Chairman and Managing Director, Vinod Mittal, told reporters on the sidelines on the India Economic Summit the company has already cut its production by up to 30 per cent in the current month, and would further cut it by up to 40%.

While Steel industry across the country is seeking 10 per cent import duty on steel products, the primary and secondary steel manufacturers opposed any increase in import duty. Steel industry said that international steel prices are coming down and some CIS countries and China are exporting steel at quite lower prices to secondary producers causing huge loss to domestic steel producers.

The