JSW Steel chief says further steel import duty hike unlikely

26 June 2015

JSW Steel Ltd, India's third-largest steel producer, does not see further increase in steel import duty, billionaire Chairman Sajjan Jindal said on Friday, after a federal minister said a decision on a hike was expected within a week.

Many steel companies, such as JSW Steel, Tata Steel Ltd (TISC.NS) and Kalyani Steels Ltd (KLSL.NS), have seen profits come under pressure in recent quarters due to surging imports of steel from countries such as China and Russia.

Last week, India hiked import duty on certain steel products by up to 2.5 percentage points. Minister of Heavy Industries and Public Enterprises Anant Geete said on Friday the government would consider further increase within a week.

Jindal said the surging steel imports into India would not reduce unless the government takes more measures.