Stainless steel flat product imports hit a record 5.32 lakh tonne (LT) in 2015-16, which is 25 per cent of the total domestic demand of about 24 LT.
A sustained government spending on infrastructure like roads, railways, power and housing will propel India into the league of top global steel consuming nations in the next 10 years, a top official of domestic steel giant SAIL has said.
On February 5, the government imposed minimum import prices (MIP) on steel products for a period of six months in a bid to stop the deluge of cheap imports.
ISA, representing the over USD 100 billion steel industry, met Steel Ministry official last month and sought a comprehensive support package on the lines of the ones extended to textiles and sugar sectors.
Consolidated earnings before interest, tax, depreciation and amoritisation (EBITDA) was at Rs 1,489 crore, with EBITDA margin at 5.3 percent.