Heavy Industries Minister Anant Geete on Friday said he will meet Finance Minister Arun Jaitley within a week and apprise him of the "tough" conditions faced by the domestic steel producers due to cheap imports, mainly from China and Korea.
"We will meet Finance Minister within a week and inform him about the tough conditions being faced by steel industry due to cheap imports. Then it is on the Finance Minister to take a decision on this issue," Geete told PTI.
Earlier this month, the Government increased the import duty on certain long and flat steel products by 2.5 per cent. Import duty on flat steel products has been increased to 10 per cent from 7.5 per cent, whereas that on long steel products has been raised to 7.5 per cent from 5 per cent, respectively.
The products include non-alloy flat products, alloy sheet flat,semis, non-alloy and large alloy flat, among others.The move is expected to help domestic steel producers who are battling cheap imports from countries such as China and Korea.