The CEO of Tata Steel expresses alarm about the rise in steel imports and advises caution

India became a net importer of steel in FY24 after a 38% rise in imports to 8.319 million tonnes of the material.According to PTI, T V Narendran, the CEO of Tata Steel, expressed worries over it and said that one should proceed with caution in this circumstance.

“It would be unfortunate if things stay this way in the long term. With regard to imports, we must exercise caution,” added Narendran.

India’s output of crude steel rose by around 14% to 144 million tonnes (MT) in FY24 from 126 MT in FY23, according to figures from BigMint, previously SteelMint. Finished steel consumption was 136 MT, 13% more than 120 MT during the same time last year.

He said he expected steel consumption to rise by 8–10% for the current fiscal year, FY25, in response to a question concerning demand. “I doubt it would be simple to examine FTAs. However, the government should make that decision, Narendran said.

Concerns about rising imports from certain nations, particularly China, have been voiced by steelmakers, who are calling for government action. Furthermore, local actors have been calling for a stop to imports as well as an examination of free trade agreements (FTAs) with other countries.