Govt will not allow steel companies to become profiteers:Nath

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New Delhi, Apr 18 (UNI) Expressing concern over the rising steel prices, Commerce and Industry Minister Kamal Nath today said the government 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,'' Mr Nath told reporters here on the sidelines of an event.

''Steel prices have been rising due to increasing input costs.

However, there is no immediate need of any Cabinet Committee on Pricing,'' he added.

Speaking on the ''India as a rising great power: Challenges and Opportunities'' at the first IISS-CITI India Global Forum 2008, the minister said, ''India has great challenges ahead and it has not emerged as a power yet. Different from other nations, India chose for itself a unique reform process.'' Talking about the achievements of India in eradicating poverty, Mr Nath said, ''We have started rural employment generation programmes in the villages where large chunk of population is dependent on agriculture for its livelihood.'' The country is part of rule-based global trading system--a multilateral system, he said, adding that the ministerial meeting on modalities is likely to take place in the third week of May.

UNI SG/AK RSA KN2215

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