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Economy

Indian steelmakers seek greater import protection

Steel being produced at JSW Toranagallu plant, Karnataka (Photo by 101reporters.com)

BANGALORE, India/DELHI -- The Indian steel industry wants the government to raise further barriers to cheap imports from China, Japan and South Korea but officials appear wary of possible complications from providing additional support.

     Indian steelmakers, like their peers around Asia and beyond, are suffering despite low iron ore prices. Citing weakening finances and falling profitability, Standard & Poor's lowered its rating on Tata Steel's debt by a notch in January while Moody's Investors Service did likewise for JSW Steel last month; JSW's revenues declined 23% in the nine months to December.

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