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Export of finished steel down by 36% in 2009
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SME Times News Bureau | 23 Apr, 2010
The export of finished steel (alloy + non-alloy) has declined by 36.1% during April to December 2009, the Minister of State in the Ministry of Steel, A. Sai Prathap has informed in a written reply in the Lok Sabha on Thursday.
He has said that exports are based on commercial decisions of the individual producers/traders based on the opportunities available on the international market.
The Government, however, supports the industry on a continuous basis with World Trade Organization (WTO) compatible schemes in order to create a level playing field for the industry.
The Minister also said that as per the data released by the World Steel Association for the year 2008, the per capita consumption of finished steel in India has recorded an average growth of 7.9% during the period 2005-06 to 2009-10.
Per capita consumption of finished steel in India is 45 Kg while the global average is 190 Kg.
He said, "Steel consumption depends on various factors such as the Gross Domestic Product (GDP), the Gross Domestic Capital Formation, industrial production, level of urbanization and the overall structure of the economy in terms of shares of industry, agriculture and services sectors, to name a few among the major ones."
The Minister said, in a deregulated sector, the Government acts as a facilitator in boosting the steel industry and creating a level playing field.
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