The Centre will initiate necessary measures to check price spiral of steel Prime Minister Manmohan Singh announced here on Tuesday and advised steel companies to adopt a long-term, instead of a short term, perspective on profits.
Addressing a function after laying the foundation for Rs 11,000 crore modernisation and expansion project of Bokaro steel plant under Steel Authority of India Ltd (SAIL), said the steel industry needs to concentrate more on enhancing the production capacity to meet the rising domestic demand.
Mr Singh said domestic steel industry which is several decades old, has still been emerging, leaving a lot of scope for modernisation.In this respect, states like Jharkhand has a major role to play in this process.
In deference to Prime Minister Manmohan Singh’s call, Tata Steel Managing Director B Muthuraman has said the company will hold the prices for the next two to three months.
