National steel policy by end of this year

To increase steel production, the Government would be unveiling the Nation Steel Policy by December 31, 2011.

Considering the fact that as per the existing steel policy while the growth in the sector stood at 6.5 per cent, the demand outgrew it and reached 9 per cent, the need for revising the policy was felt, Steel Secretary PK Misra told reporters in the presence of Steel Minister Beni Prasad Verma.

The ministry, he said, had formed four sub-committees to look into issues facing the steel sector, keeping in mind the future requirements and challenges. 'The sub-committee would be submitting their reports to us in October,' Misra added.

The Secretary further said that the ministry would first be focussing on expansion of its brownfield projects on top priority basis and then will concentrate on the greenfield projects.

He also said that to curb iron ore exports, the ministry has written to the Finance Ministry, seeking to increase export duty on ad valorem basis to 30 per cent from the current 20 per cent. The move is aimed at providing adequate raw material for local steel makers.