Safeguard duty needs to be renewed, says Tata Steel’s Narendran

Tata Steel is looking for the government to extend the safeguard duty of 12 per cent amid sharp increase in imports and domestic consignments meant for exports hitting the markets.

TV Narendran, Managing Director, Tata Steel, in an interview with businessline said steel companies had demanded a safeguard duty of 25 per cent, but it was fixed at 12 per cent for six months.

The safeguard duty will be up for renewal and needs to be extended to protect huge investments made in the recent years, he said.

In April, the government levied a provisional 12 per cent safeguard duty on select steel imports for 200 days to protect the domestic industry from imports.

Cash flows

“For the steel industry to keep investing and building capacity, it needs healthier cash flows than it has today and tha