Sglogo_1

 

Events Reports Directory Forum Articles Job Post Resume Post Links Currency Archive Metal Rate Archive Glossary Import Duty Structure Incoterms 2000 Technical Info Trade Leads Currency Codes Contact Us Disclaimer Feedback Privacy Policy Site Map

 

FAIL (the browser should render some flash content, not this).

September 06, 2008


India ready to join OECD Steel Committee

It is reported that India is ready to join the OECD's Steel Committee provided that no additional conditions are imposed over and above the obligations under the World Trade Organization.

Mr RS Pandey steel secretary said that "We have received an invitation to join Organization for Economic Cooperation and Development Steel Committee. We are ready provided no conditions are imposed over and above the obligations under the WTO. Once they agree to this we have no problem in joining the Committee."

Mr Pandey said that "Though currently we have observer status in the Committee, but in view of our massive-capacity expansion plans we are slated to be the world's second biggest steel producing nation in next few years. So that is why OECD wants us to be a part of this committee. We are surging towards achieving a steel production of 124 million tonnes by 2011-12 and even if we achieve 90% capacity utilization it will be 110 million tonnes."

Mr Risaburo Nezu chairman of OECD Steel Committee said that "Indian production continued to increase rapidly this year, driven by strong demand." He added that consumption in India is also growing at a double digit pace, though it is at a much lower level of around 45 million tonnes.

He said that "Crude steel production is on track to grow by around 98 million tonnes or by 8% in 2007 to reach a level of around 1,330 million tonnes. Weaker growth in North America and the EU is being offset by rapid production expansions in emerging economies." He added that the EU is registering a slowdown in production growth this year as imports account for an increasing share of domestic demand. Solid growth is still being observed in Germany, while output levels have either stagnated or fallen in Italy and France.

With its 30 members and observers including India, China and Russia the committee accounts for around 65% of world steel production and 80% of global steel exports. China, which has also been invited to join the Committee, is considering the same, while Russia is understood to be willing to join the Committee.