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SAIL hit hard by imposition of anti-dumping duty - Views on News from Equitymaster
 
 
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  • Dec 16, 1999

    SAIL hit hard by imposition of anti-dumping duty

    The Indian steel industry is once again in the doldrums with the United Sates having imposed a dumping duty of upto 72.5% on Indian exports (to the US) of steel plates. The public sector Steel Authority of India (SAIL) is likely to be the worst hit by these measures.

    SAIL is the world's 10th largest and India's largest steel manufacturer. It operates 4 integrated steel plants and 2 speciality steel plants. The company has been on the brink of bankruptcy for some time now. It is attempting to raise resources by getting rid of its loss making units.

    The United States has imposed duty on five countries excluding India.

    SAIL, which is a leading exporter of steel plates, has drawn the attention of the International Trade Commission (ITC), which is likely to give its verdict only by the end of January 2000.

    In the meantime, the imposition of duties is likely to adversely affect the recovery prospects of the public sector giant. Indian steel companies have off late been resorting to exports to improve realisations. This is mainly due to the sluggishness in domestic steel markets, even though volumes have staged a smart recovery.

    The imposition of duties comes at a time when the floor rates on import of various steel items into India are likely to be removed. The Indian steel companies would then be faced with the prospects of declining exports even as the competition in the domestic markets heat up. How the government will react to this situation as yet remains to be seen.

    Lower prices of steel will however benefit the manufacturers of cold rolled products as well as the end users - consumer durable and automobile manufacturers.

     

     

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