Jindal calls for tariffs to address steel industry challenges

Indian steel tycoon Sajjan Jindal is advocating for tariffs on steel imports to level the playing field, citing US tariffs and European carbon taxes as examples.

In an interview in New Delhi, Jindal discussed JSW Steel's acquisition plans and expressed concerns about unfair competition from Chinese state-supported steel. He highlighted China's dominant role in global steel production but noted limited export growth amid slowing domestic demand.

According to the World Steel Association, Due to factors such as the COVID-19 outbreak of global crude steel production which includes semi-finished products and alloys, declined to 1.89 billion tons in 2022, a 3.9 percent decrease from the previous year. Despite global steel production declining India is a standout, being the only major producer to increase production in 2022, reaching 125.3 million tons. This growth is significant as other major producers, including China, saw declines and Iran was the sole top-ten country to experience a rise in steel production.