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Steelmakers Brace for Trump's 25% Tariff
Mint Chennai
|February 12, 2025
India will be a prime target for overseas exporters, given its growing appetite for steel, said Naveen Jindal
Indian steelmakers, already hit by rising imports and shrinking domestic prices of the alloy, are now staring at more turbulence after the US slapped a 25% tariff on all its steel and aluminum imports.
Steel secretary Sandeep Poundrik sought to downplay the impact. But a lobby of domestic steelmakers flagged concerns that many major US steel suppliers could divert their exports to other markets.
US President Donald Trump said on Monday that the US will levy a 25% tariff on all its imports of steel and aluminum starting 12 March.
India will be a prime target for overseas exporters, given the country's growing appetite for steel, said Naveen Jindal, president of the Indian Steel Association (ISA), a lobby of domestic mills. He is also chairperson of Jindal Steel & Power.
This story is from the February 12, 2025 edition of Mint Chennai.
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