Govt will not allow steel companies to become profiteers

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New Delhi, Apr 18 (UNI) With the spiralling steel prices, the government today asserted that it would not allow steel companies to become profit-making ventures.

''We want steel companies to make profits, but we would not allow them to become profiteers,'' Commerce and Industry Minister Kamal Nath told reporters here on the sidelines of a conference here.

Steel prices have been rising due to increasing input costs, he added.

Mr Nath had earlier said there is cartelisation taking place in the country in steel prices and felt that the government has to respond commensurately.

He had asked the industry to inform the government about the difficulties arising out of an increase in prices in certain sectors.

Also, anti-monopoly watchdog MRTPC had directed a probe by its investigative unit DGIR after it got input on price rigging in the steel sector.

UNI SG/AK SR RK2035

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