Wet blanket on investments if imports are not curbed

Surge in import of flat steel from China to India is roiling the large integrated steelmakers who have lined up big-ticket investments through this decade. Trapped in a downward profit spiral, steelmakers are asking the Centre to put in place trade and non-trade remedy measures to protect the domestic industry. In a video interview, ArcelorMittal Nippon Steel India (AM/NS India) director and CEO DILIP OOMMEN tells Ishita Ayan Dutt that things will only get worse if the government doesn't act in time. Edited excerpts:

- DILIP OOMMEN Director & CEO, AM/NS India

You were part of a steel industry meeting with Union commerce minister Piyush Goyal and steel minister HD Kumaraswamy recently. What was the ask from the industry?

The task was that the industry needs to be protected. We need to make profits so that we can reinvest to grow, come up with new products and decarbonise to reduce carbon emissions. If we don't make profits, how do we do it?

From being a net steel exporter, India has turned to be a net steel importer. The total import during April to September was about 4.48 million tonnes (mt) and export was about 1.93 mt. Due to the slowing economy in most of the countries and exports happening from China, our own exports have come down. And at the same time, imports are going up.

Some new capacities are also coming up in India. So, if imports are not curbed, certainly it will be a wet blanket on further investments in flat products in India.

The surge in imports is largely in flat steel?