No unilateral increase in steel prices: Virbhadra

Steel minister Virbhadra Singh on Friday strongly disapproved unilateral increase in steel prices in the country...

Steel minister Virbhadra Singh on Friday strongly disapproved unilateral increase in steel prices in the country and said private companies as well as PSUs are not justified in the price hike.

He said the government hasnt allowed any increase in steel prices,but added that the ministry has made certain proposals to the government to address problems of the industry. The government could,in the upcoming Budget think of some measures in view of the overall recession.

Singh said,The government is fully aware of the situation.There is no justification in the increase as the prices of iron ore and coking coal has gone down. Except India and China,most countries have little demand for steel.So whats the justification?

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Singh said his ministry has decided to take-up expansion and modernisation of existing steel plans. In the next three years,nearly Rs 70,000 crore will be invested to double production,besides upgradation of technology. The eneavour will be to see that 124 MT capacity is created by 2011-12.

The minister also announced that the Panna diamond mines will be reopened again within next three months.

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