January 11, 2002
‘18’
GROUP TO EXAMINE FINANCIAL PROBLEMS OF STEEL PLANTS
The Steel Ministry has decided to set up a group to examine the current financial problems of the steel plants and to suggest policy measures for improvement of the industry. It will be headed by a Joint Secretary of the Steel Ministry and will submit its report within a month.
A meeting was held here under the Chairmanship of Shri N.N. Khanna, Secretary, Department of Steel to take stock of the financial problems faced by the existing major steel producers and the steel plants waiting their completion. The meeting was attended by the financial institutions like IDBI, IFCI, SBI and LIC. Senior representatives of ICICI and the Ministry of Finance also participated in the meeting. The current problems of the industry such as over supply scenario, depressed demand of steel and poor sales realisation, that stand in the way of progress were discussed.