In a major declaration, Steel Minister Virbhadra Singh stated that the consumption of the finished steel in India has gone up by 9.4% during the five month period ended August 30 (Apr-Aug).

But, the production grew only by 2.6% during the period under review (Apr-Aug).

While addressing a seminar on "Raw Material Security for the Steel Industry - Challenges Ahead" organized by The Mining, Geological and Metallurgical Institute of India, Mr. Singh stated that this inequity may not be permitted to carry on.

Mr. Virbhadra stated that the preservation of available resources is very important.

He added that the exports have to be slowed down.

He stated that the administration has taken policy measures to deject unnecessary exports and increase availability of steel in the domestic market by lifting up export duty on lump ores to 15% and having that 5% for fines.

Further, the steel minister stated that preservation of environmental science was as vital as financial development.

"Raw material security to the capital intensive steel plants can be provided by captive ownership only," the Minister said.