The U.S. announcement to impose tariffs on steel imports will not have much impact on the Indian industry as the domestic market is strong and a small quantity is exported to America, Steel Secretary Sandeep Poundrik said on Monday (February 10, 2025).
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"...The U.S. President has said about putting tariffs on steel. How much steel actually we export to the U.S.? We produced 145 million tonnes of steel last year, of which 95,000 tonnes was exported to the U.S. So, how does it matter if out of 145 million tonnes, you are not able to export 95,000 tonnes," the official said at an event organised by Bengal Chamber of Commerce and Industry (BCC&I).
Addressing the ‘Minerals Mining & Metals Conclave’, he said India’s domestic market itself is so strong with growing consumption that the steel industry will find it difficult to cater to that in the coming years.
However, in 2018, when the U.S. imposed taxes on steel and aluminium, India retaliated by raising tariffs on 29 U.S. products, recovering equivalent revenue.
Further, on exports, Mr. Poundrik said it will become a problem as more countries put safeguards and restrictions.
As per official data, India's exports have shrunk 28.9% to 3.99 million tonnes during the April-January period of FY25, compared to 5.61 million tonnes 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 tonnes during the April-January period of the current fiscal.
Published - February 10, 2025 06:02 pm IST
