In its bid to distance itself from the controversy over price hike, government-owned steel giant SAIL, on Monday, pulled out from the Indian Steel Alliance stating it has “outlived its utility”.
The Indian Steel Alliance (ISA) is an umbrella body of leading steel-makers, including JSW, Essar and Ispat, offering them a common platform for policy decisions. Governmemnt recently blamed the steel companies for forming cartels to jack up prices taking advantage of the rising demand.
“We felt that ISA needed to do more on promoting steel use and sharing of data between the utilities, a function which is being now performed efficiently by INSDAG,” said SAIL spokesman.
However, ISA President Moosa Raza could not be contacted for his comments on the issue. Tata Steel had also withdrawn from the alliance some time back.