Steel manufacturers rollback price hike

Mumbai, Mar 5 (UNI) Heeding the Government's advice to contain prices to keep inflation under check, Steel majors SAIL, Rashtriya Ispat Nigam Ltd, Essar Steel, Ispat Industries, JSW Steel and Tata Steel today agreed to cut prices of TMT bars, galvanised steel and HR coils.

The prices of HR coils have been reduced to Rs 27,000 per tonne from 27,500 per tonne. The increase in prices of TMT bars and galvanised steel would be rolled back entirely by about 100 per cent, a joint statement issued here today said.

Refuting speculations regarding the losses that the companies might incur after the move, Chairman of SAIL, Mr S K Roongta clarified, ''The fourth-quarter margins will not be impacted due to this rollback.'' UNI WD PM AW1427