Steel Industry Wants New Govt to Push Demand
Battered by subdued demand, steel firms are looking forward to the new government to help revive consumption that will sort out various problems plaguing the sector. The government will be in place following the results on Friday of the just-concluded general elections. “We don't need many things. Our sole demand from the new government is to help improve the demand for steel, which was at its lowest in several years last fiscal. Improved demand will solve various problems that are impacting the industry,” said an industry official. Steel consumption in 2013-14 grew by just 0.6%, the lowest in four years, to 73.93 million tonnes, hit mainly by slow expansion of the domestic economy. In 2012-13, too, it was very strong, growing just by 3.3% on account of a slackening economy and a high interest rate regime.