Domestic sales of HR steel increase 10 per cent

By Our Corporate Bureau | 27 Apr 2004

New Delhi: Indian Steel Alliance (ISA) today said that production of benchmark HR steel by ISA member companies increased by 9 per cent (increase of 1.08mt) at 13.15mt during 2003-04 from 12.07mt during 2002-03. Exports grew a mere 2 per cent (increase of 0.07mt) at 2.89 mt in 2003-04 from 2.82mt in 2002-03. Domestic sales increased by 10 per cent (increase of 0.95mt) at 10.29mt in 2002-03 from 9.34mt in 2002-03.

Commenting on the growth in production of HR Steel, Moosa Raza, president, ISA said, "It's time we separated facts from fiction. Share of exports as a percentage to total sales was down to 13 per cent in 2003-04 from 14 per cent in 2003-04. Exports have grown only by 2 per cent during 2003-04 compared to 62 per cent in 2002-03."

Added Raza, " Allegations by various user groups regarding ISA member companies resorting to exports and creating artificial shortages in the domestic market are baseless. Domestic industry has always been a priority for us and ISA has never exported at the cost of the domestic industry."

Indian Steel Alliance (ISA) is an association of major Indian steel producers - Steel Authority of India Limited (SAIL), Tata Iron and Steel Company (TISCO), Essar Steel, Jindal Vijayanagar Steel Limited (JVSL) and Ispat Industries.