The Government of India took various steps to support the domestic steel sector, some of which are as given below:
Increase in peak rate of Custom Duty on steel to 15%. Effective rate of import duty was increased in phases to 10% on Long products and 12.5% on Flat products from pre-revised level of 5% and 7.5% respectively.
Against a petition by the domestic steel producers, Safeguard duty on HR Coils of 20% notified in September, 2015 provisionally and final notification issued for the same in March, 2016 extending 20% Safeguard duty up to September, 2016. Thereafter, phased reduction to 18% (till March, 2017), 15% (till September, 2017) and 10% by March, 2018.
The Government of India notified Minimum Import Price (MIP) on select steel products (February 5, 2016) and further extended it on certain steel products for two months with effect from August 5, 2016 and again for two months with effect from October 5, 2016.
Provisional Anti-dumping duty notified on import of flat products (Hot Rolled & Cold Rolled) and on Wire Rods from China, Japan, Korea, Russia, Brazil, Indonesia and Ukraine vide notifications dated August 8, 2016, August 17, 2016 and November 2, 2016.
Government amended the Steel and Steel Products (Quality Control) Order, 2012 from time to time to ensure that only quality steel is imported into India.
The plant-wise Profit (+)/ Loss (-) of SAIL is given as under:-
(Rs. in crore)
|Bhilai Steel Plant (BSP)||2085||2232||405|
|Durgapur Steel Plant (DSP)||416||506||-527|
|Rourkela Steel Plant (RSP)||212||232||-2524|
|Bokaro Steel Plant (BSL)||202||451||-2203|
|IISCO Steel Plant (ISP)||-653||-1072||-1939|
|Alloy Steel Plant (ASP)||-93||-134||-83|
|Salem Steel Plant (SSP)||-376||-355||-466|
|Visvesvarya Iron Steel Plant (VISL)||-123||-97||-116|
|SAIL Refractory Unit (SRU)||3||7||21|
|Chandrapur Ferro Plant (CFP)||-78||-45||-78|
|Raw Material Division (RMD)/ Central Units||1628||634||310|
|SAIL Profit (+)/ Loss (-) Before Tax||3225||2359||-7198|
|SAIL Profit (+)/ Loss (-) After Tax||2616||2093||-4137|
RINL is a single unit steel producing CPSE. The Profit (+)/ Loss (-) of RINL is given as under:
(Rs. in crore)
|Profit After Tax (PAT)||366||62||(-) 1421|
- Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
- Now Save Rs.3150 on your Demat Account ...Click here
- Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
- Get the most detailed result analysis on the web - Real Fast!
- Actionable & Award-Winning Research on 500 Listed Indian Companies.