Indian steel magnate Sajjan Jindal expressed his desire for the government to counter US tariffs and European carbon taxes with similar fees to level the playing field for companies like his, JSW.
In an interview in New Delhi, Jindal referred to the expectations of the main company, JSW Steel, and confirmed a report issued by Bloomberg News regarding the company’s acquisition plans.
Regarding carbon taxes, Jindal said, “Every region is thinking about protecting itself. The United States has tariffs on steel, and Europe has a carbon border adjustment mechanism. The European Union supports its industries by giving them a huge amount of money, while other parts of the world do not receive this type of support.”
When asked about imposing duties on Chinese steel, Jindal expressed his support, saying, “Chinese steel is supported by the state, while we are not supported by the state, and therefore this is unfair competition.”
Regarding the demand in China, Europe and India, he said, “Steel production in China is still very high, and they produce more than 50 percent of the world’s steel.” China’s exports have risen slightly, but not to an extent that reflects falling domestic demand. On the other hand, Europe has slowed down, and there are clear signs of suffering.”
The Covid-19 pandemic, weak demand and many other factors have caused steel production around the world to decline in the past few years. This included China, which is not only the largest steel producer, but has a major influence on steel prices.
According to a report issued by the World Steel Association, global crude steel production, including semi-finished products, alloys, and liquid steel, fell to 1.89 billion tons in 2022, which is 3.9 percent lower than 1.96 billion tons in 2021. The positive side was India. While China’s production declined for the second year in a row, India was the only country on the list of major producers to increase steel production. In fact, the country’s production finally reached 125.3 million tons, Up from 118.2 million tonnes in the previous year. India’s growth is particularly significant, given that many of the largest steel producers, including China, Japan, the US and Russia, have seen production declines. In fact, Iran was the only other country among the top ten countries that saw an increase in steel production