Date:02/03/2006 URL: http://www.thehindubusinessline.com/2006/03/02/stories/2006030202220500.htm

Back Steel scrap duty a welcome step

Our Bureau

New Delhi, March 1

Mr Sandeep Jajodia, Chairman, Sponge Iron Manufacturers Association (SIMA) and Vice-Chairman Monnet Ispat, says: "It's a very positive Budget addressing all sectors of economy. The 5 per cent duty increase for melting scrap is a welcome step for the sponge iron industry. The move to allow captive mining companies to sell surplus coal to approved end-users would help improve power generation in the country, reduce coal import and, at the same time, add to the bottomline of the coal company. The further emphasis on infrastructure and energy sector would translate into accelerated demand for the core industry — cement and steel".