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Govt to look into banning iron ore exports

Govt to look into banning iron ore exports
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First Published: Sat, May 31 2008. 02 14 PM IST
Updated: Sat, May 31 2008. 02 14 PM IST
PTI
Jamshedpur: The government is “looking into” the issue of banning iron ore exports as demanded by the steel makers, Steel Secretary R S Pandey said today.
“The issue was being looked into by the government,” Pandey told reporters on the sidelines of a function here.
Expressing concern over lagging steel production in the country against rising consumption, Pandey said that India had emerged as a net importer of steel for the first time in 2007-08, adding that the situation was going to worsen in the next two to three years.
Pandey said that all estimates regarding consumption and production had gone haywire, pointing out that while consumption was estimated to grow at three per cent and production at seven per cent.
He said that the government would take steps to facilitate expeditious addition to steel capacity, which was estimated to touch 124 million tons by 2011-12.
All roadblocks would have to be removed, he said.
“By 2015-16, India will emerge as the number two steel producer in the world,” Pandey said.
He, however, expressed concern that capacity creation had been stuck in many places, adding that 30 to 33% price rise in steel was also a point to ponder.
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First Published: Sat, May 31 2008. 02 14 PM IST