'If MIP is not extended, many steel plants will close down'

Steel companies are joining forces seeking an extension of minimum import price which is slated to expire in August.

Jindal Steel and Power Chairman Naveen Jindal said since the introduction of MIP, steel prices have reduced in the Indian market but global and Indian demand hasn’t really picked up. That is an issue the steel industry is grappling with.

He told CNBC-TV18 that the government must extend MIP to protect domestic steel industry. If MIP is not continued, he said, many steel plants would close down.

Echoing his views, Tata Steel Managing Director TV Narendran said that there is turmoil in the global markets because of which steel is being imported at cheap prices which is unfair to the Indian market.