December 02, 2008

TATA Steel to hold steel prices

It is reported that TATA Steel announced their plans not to increase steel prices for next two to three months shortly after Dr Manmohan Singh prime minister of India visited their plants and advised them to hold prices.

Dr Singh said the nation’s steelmakers should not take advantage of the surge in prices globally and consider the public interest. He said that “The steel industry should be satisfied with short term gains and not seek windfall gains.”

Mr B Muthuraman MD of TATA Steel said “In view of the suggestions made by the Prime Minister of India Dr Manmohan Singh in Jamshedpur today during TATA Steel’s Centenary celebrations function, TATA Steel will hold the prices of its steel products at current levels for the next 2 months to 3 months.”

Steel Authority of India Limited on the weekend and JSW Steel earlier this week, have also made a similar announcement.

The decision is expected to please the government which has been trying hard to rein in surging prices of the metal.