The Hindu : Business : Essar, Jindal, Ispat follow suit

Online edition of India's National Newspaper
Tuesday, Aug 24, 2004

Business

Business

Essar, Jindal, Ispat follow suit

By Our Staff Correspondent

MUMBAI, AUG. 23. Tata Steel's move of announcing a cut in the price of various grades of steel by Rs. 2,000 a tonne has had an immediate impact on other industry majors with all of them following suit and announcing price cuts.

All price reductions announced by the players will be immediately effective. Jindal Vijayanagar Steel has decided to reduce the prices of hot rolled coils and sheets by Rs. 600 a tonne inclusive of excise duty with immediate effect. The reduction applies to all its customers.

Ispat Industries has announced a cut in the price of hot rolled coils by Rs. 500 a tonne excluding taxes. Vinod Mittal, Managing Director, Ispat Industries, said, "Our company's primary objective is to meet the product demands of our customers and to ensure that they do not suffer from non-supply of steel. But there are larger objectives involved in the interest of the national growth, and hence we have decided to cut our product prices to control inflation."

Essar Steel announced a reduction of Rs. 560 a tonne in its sales price (including excise duty) to its direct domestic customers. Commenting on the price reduction, Prashant Ruia, Managing Director, Essar Steel, said, "Essar has already taken various proactive steps to provide stability to the domestic market."

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