November 21, 2008

Punjab steelmakers urged centre to reduce steel prices

PTI reported that industrialists and exporters in Punjab, who are hit by rising steel prices, met Mr Charanjit Singh Atwal deputy speaker of Lok Sabha and submitted a memorandum seeking reduction in rates of the metal, besides lowering excise duty.

A deputation of the industrialists, who are on a dharna since March 14th 2008 in front of local SDM's office, led by Federation of Phagwara Small Industries President Mr Sudesh Sharma and former president of Laghu Udyog Bharti Mr Balwant Rai Gupta, submitted the memorandum to Mr Atwal.

The aggrieved exporters rued that steel prices has jumped by INR 15,000 per tonne, leaving them in extreme disadvantage in competitive global market.

The industrialists and exporters said that steel prices have increased from INR 27,000 per tonne to INR 50,000 per tonne in recent months. They warned that they will intensify agitation if corrective measures were not taken.