Safeguard duty on steel to protect domestic industry, support value chain: ISA president Jindal

New Delhi, Dec 31 (PTI) The steel industry on Wednesday said the government's decision to impose a 12 per cent safeguard duty on the import of flat steel products will help the domestic sector.

Naveen Jindal, President of the Indian Steel Association (ISA), said the safeguard duty is a calibrated policy measure aimed at maintaining stability in the domestic steel market while ensuring continuity of supply for consumers and infrastructure projects.

The Indian government has imposed a final safeguard duty of 12 per cent on flat steel products for three years.

According to a notification of the finance ministry, a 12 per cent duty will be imposed in the first year (April 21, 2025, to April 20, 2026).

The rate will be reduced to 11.5 per cent in the second year (April 21, 2026, to April 20, 2027) and further to 11 per cent in the third year (April 21, 2027, to April 20, 2028).

Jindal, who is also the Chairman of Jindal Steel, said diversion of surplus steel capacity into India by China, Japan, Korea and Vietnam has implications for domestic capacity utilisation, investment planning, and employment.

The safeguard duty helps address these pressures by restoring competitive balance and supporting the domestic steel value chain. Given ongoing global supply imbalances, further trade remedies may be considered as part of a broader policy approach to ensure sustainable growth in the steel sector, Jindal noted. PTI ABI ABI BAL BAL