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News18
3 days ago
- Business
- News18
US Tariff Hike On Steel To Have 'Minor' Impact On India: Union Minister
Last Updated: 'Minor impact will be there... We are not exporting (to the US) in a big way,' says steel minister H D Kumaraswamy. Steel and Heavy Industries Minister H D Kumaraswamy on Monday said India is likely to see only a 'minor impact" from US President Donald Trump's plan to hike tariffs on steel and aluminium products, as the country exports low volumes to Washington. Last week, Trump said he intended to double tariffs on imported steel and aluminium from 25% to 50%. 'Minor impact will be there… We are not exporting (to the US) in a big way," steel minister H D Kumaraswamy told reporters at a press briefing in New Delhi, as reported by Reuters. Roughly a quarter of all steel used in the US is imported, the bulk of it from neighbours Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany. India's steel exports to the US are much lesser. However, ratings agency Fitch said in March that Indian steelmakers and steel prices could be hit if countries with higher exposure to the US redirect their shipments to New Delhi in search of more lenient markets for the alloy. Industry Urges Govt To Take Steps To Protect Local Producers Though the ministers says the impact would be minor, the industry urging the government to take measures to protect the local producers. Jayant Acharya, joint MD and CEO of JSW Steel, told news agency PTI that India faces a heightened risk of trade diversion amid shifting global tariffs, especially due to its strong domestic demand. He further highlighted the need to implement necessary trade measures proactively and in time. Every country is protecting their industry. India should also do that as long as India focuses on protecting its industry from low price imports, he said. First Published: June 02, 2025, 17:03 IST
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Business Standard
3 days ago
- Business
- Business Standard
US tariffs on steel, aluminium to have minor impact on India, says minister
Union Minister of Steel and Heavy Industries HD Kumaraswamy on Monday said that India is likely to experience only a "minor impact" from the recent US decision to increase tariffs on steel and aluminium imports. 'Minor impact will be there... We are not exporting (to the US) in a big way,' the minister was quoted as saying by news agency Reuters. The statement follows US President Donald Trump's announcement last week that he would double the tariff on steel imports to 50 per cent to protect the American industry. Later on his Truth Social platform, Trump also said that aluminium tariffs would also be doubled to 50 per cent, and both tariff hikes would go into effect Wednesday (June 4). The US imports most of its steel from neighbouring countries like Mexico and Canada, as well as key allies in Asia and Europe, including Japan, South Korea, and Germany. While Kumaraswamy said the tariffs will have minor impact, industry leaders in India have raised concerns about potential trade diversions and called for measures to protect the domestic industry. Industry leaders demand proactive measures Jayant Acharya, joint MD and CEO of JSW Steel, told news agency PTI that India faces a heightened risk of trade diversion amid shifting global tariffs, especially due to its strong domestic demand. He further highlighted the need to implement necessary trade measures proactively and in time. Similarly, Ranjan Dhar, director and vice president, AMNS India said there is need to be watchful on imports. He hoped that "protection will come for domestic industry". Where does India's steel industry stand currently? In FY25, India's steel imports increased by 9.2 per cent to 10.5 million tonnes, while exports dropped significantly by 27 per cent to 6.3 million tonnes, keeping the country a net importer for the second consecutive year. In order to protect the domestic industry from cheap imports, the government in April 2025, imposed a provisional safeguard duty on imported flat steel products. Following this, India's finished steel imports fell 11.3 per cent year on year in April to 0.5 million metric tons following a decline in shipments from China and Japan, Reuters reported last month.
New Indian Express
3 days ago
- Politics
- New Indian Express
Despite heavy rains, Union MoS Bhupathiraju reviews Central schemes in Assam
VIJAYAWADA: Undeterred by heavy rains and flood-hit roads, Union Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, undertook a 16-hour road journey from Guwahati to Assam's southernmost district to assess progress on Centrally sponsored schemes. The visit to South Salmara-Mankachar, which borders Bangladesh and Meghalaya, reinforced the Centre's focus on inclusive development in remote and strategic regions. Over a packed day, Varma inspected infrastructure projects under the Public Works and Rural Development Departments, reviewed road connectivity, and examined public assets. At the district hospital, he interacted with staff and beneficiaries while distributing Ayushman Bharat health cards. Demonstrating social outreach, the Minister distributed wheelchairs to children with special needs and held interactions with students. He also met Village Water and Sanitation Committees under the Jal Jeevan Mission, urging them to ensure equitable and reliable household water supply. At the Amrit Sarovar site, he encouraged Self-Help Group involvement in water conservation efforts. Emphasising national security, Varma visited the Indo-Bangladesh border and praised BSF jawans for their service. 'Your commitment is a pillar of our national integrity,' he said. He credited PM Narendra Modi and CM Himanta Biswa Sarma for prioritising infrastructure and welfare in border districts. District officials, including the Deputy Commissioner and others present.
New Indian Express
5 days ago
- Politics
- New Indian Express
HDK questions Siddaramaiah government over flood preparedness
BENGALURU: Union Minister for Steel and Heavy Industries HD Kumaraswamy has slammed the Karnataka government accusing it of failing to respond adequately to the devastating floods that have lashed the state's coastal districts and other areas. 'Relentless torrential rains across the state, including the coastal belt, have severely disrupted daily life. Homes, roads, and bridges have collapsed. Cities, towns, and villages are waterlogged, and people are in deep distress. Yet, instead of acting responsibly and wiping their tears, the Congress government seems desperate to bring more blood and tears to their eyes,' Kumaraswamy told the media. He criticised the administration for what he called lack of preparedness, questioning the effectiveness of post-disaster visits by ministers. 'What's the point if, after lives are lost to the floods, the Chief Minister merely instructs ministers to 'go visit'?' he asked, invoking the Kannada proverb, 'What's the use of bolting the door after the fort has been looted?'
Time of India
22-04-2025
- Business
- Time of India
Govt imposes 12% safeguard duty on select steel flat product imports for 200 days
New Delhi: The government has imposed a 12 per cent safeguard duty on the import of certain non-alloy and alloy steel flat products with effect from April 21, 2024. The duty, applicable for 200 days unless amended or revoked earlier, aims to curb the adverse impact of rising imports on domestic steel producers. The notification issued by the government specifies that the safeguard duty covers products such as hot-rolled coils, cold-rolled sheets, metallic coated steel, and colour-coated coils. These categories of steel products, primarily used in infrastructure, automotive, and consumer goods manufacturing, have seen a notable increase in import volumes in recent months, affecting domestic price realisation. Welcoming the decision, Union Minister for Steel and Heavy Industries, H.D. Kumaraswamy , stated, 'This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports. The safeguard duty will help restore market stability and reinforce the confidence of the domestic industry.' The safeguard measure is consistent with provisions under the World Trade Organization (WTO) rules, which allow member countries to impose temporary duties to counteract serious injury or threat of serious injury to domestic industries caused by a surge in imports. According to industry estimates, India's imports of flat steel products have risen substantially over the past two years, with key supply sources being countries like South Korea, Vietnam, and Japan. Domestic producers, especially in the mid-tier segment, have been seeking government intervention citing challenges in maintaining market share amid lower-priced imports. Kumaraswamy added, 'The safeguard duty is a timely and necessary step to protect domestic steel manufacturers from the adverse impact of import surges and to ensure fair competition in the market.' He also expressed gratitude to Prime Minister Narendra Modi for the decision and reiterated that the Ministry remains committed to strengthening the Indian steel sector under the vision of Atmanirbhar Bharat. Industry associations had earlier approached the Ministry of Steel seeking protection measures amid reports of inventory build-up and margin pressure among smaller steelmakers. The imposition of the duty is expected to improve pricing stability in the domestic market and encourage production ramp-up across steel clusters in states such as Jharkhand, Chhattisgarh, and Odisha. The safeguard duty mechanism is expected to be monitored closely by the Directorate General of Trade Remedies (DGTR), which will assess the effectiveness of the measure and recommend future action if necessary.
