Times of India reported that Ludhiana based steel furnace industry representatives met the new Steel Minister Mr Ramchandra Prasad Singh at his office in New Delhi recently and discussed issues being faced by the industry especially the factories located in Punjab including setting up of a steel regulatory authority, which should monitor rates of steel raw material and take action against the persons involved in artificial hike in the rates of steel. Induction Furnace Association of North India President Mr KK Garg said “We met the Union steel minister Ramchandra Prasad Singh today along with welcoming him for assuming the charge of the ministry. We also discussed the problems being faced by businessmen, specially those belonging to the secondary steel sector. We also apprised him about the issue of rising prices of steel raw material in the country and other hardships being faced by industrialists like increasing rates of power, shortage of industrial grade oxygen gas and dropping sales. The minister gave us a patient hearing and also assured that our problems will be considered by him and after discussing with the officials concerned the solutions too will be provided at the earliest.’’

 

Sewing Machine Development Club President Mr Jagbir Singh Sokhi said, “It is our request to the new Union minister for steel that the first and foremost step he should take for the welfare of industry is to setup a steel prices regulator to keep a check on the rates of steel, which are being artificially inflated by some entities who for their greed are hurting the micro small and medium enterprises. The regulator must also have the powers to take strict action against the steel producer, distributor, middle man and everyone who is engaged in the sale and purchase of the steel raw material, as this is the only way the situation can be countered."

 

source：SteelGuru Business News