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India may introduce protectionist measures in favor of its steel producers

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India may introduce protectionist measures in favor of its steel producers

The Indian government is likely to introduce protectionist measures to protect domestic steel producers. The measures will affect public infrastructure projects and are directed against cheap imports, mainly from China, according to Reuters.

India is the world's third largest steel consumer, and in between 2017 and 2018 the country intends to spend $59 billion on metal-intensive infrastructure projects, what includes mainly roads and power system.

“This is preference for competitive prices without any compromise on quality. It is an acceptable norm to use domestic products,” - the Union Minister of Steel of India, Chaudhary Birender Singh, said in an interview.

The government expects the projects will involve local companies JSW Steel and Tata Steel, which will be able to increase their profits. In addition, in such a way, India is planning to attract investments in the country from such companies, as ArcelorMittal and POSCO.

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