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Auto, steel makers agree on five-point agenda

By Our Special Correspondent

NEW DELHI, MARCH 15. The domestic automobile industry and steel manufacturers today worked out a `five point' formula to tackle the issue of spiralling steel prices and ensure that it did not impact the auto sector adversely. Under the formula thrashed out by the Society of Indian Automobile Manufacturers (SIAM), the Automotive Component Manufacturers Association (ACMA) and the Indian Steel Alliance (ISA), steel manufacturers would meet the domestic demand for hot rolled coils and not export at the cost of domestic demand.

A CII press release said that the ISA members also agreed to enter into quarterly or even half yearly contracts with automobile manufacturers to avoid fluctuations in steel prices provided both sides honour prices and commitments during the pendancy of the contract. Steel makers had also agreed to address the demand of small consumers.

A committee would also be set up to review and exchange the information and discuss the issue.

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