AHMEDABAD, India, Feb. 2, 2021 /PRNewswire/ -- Chromeni Steels Private Limited, in a statement issued today has welcomed recently announced budget 2020-21 proposal to revoke provisional countervailing duty imposed vide notification No. 02/2020-Cus (CVD) dated 09.10.2020 on Flat rolled products of stainless steel originating in or exported from certain countries.
Chromeni Steels also welcome the budget proposal to revoke anti-dumping duty on Cold-Rolled Flat Products of Stainless Steel of width 600 mm to 1250 mm and above 1250 mm of non-bonafide usage originating in or exported from People's Republic of China, Republic of Korea, European Union, South Africa, Taiwan, Thailand and United States of America upon its expiry.
'The recently announced 2020-2021 budget proposals are unprecedented on many counts. Most experts are touting this budget a sort of revolutionary that will go a long way in fuelling the economic prospects of our country. We at Chromeni Steels are wholeheartedly welcome the proposed revocation of anti-dumping duty (ADD) and countervailing duties (CVD) on the imports of flat products from certain countries. This decision will benefit thousands of downstream MSMEs, who have been suffering for months due to rampant raw material price increases and irregularities in supply. Revoking these ADD and CVD will now create a level playing field for the entire stainless steel sector, including the end-user industries.' Said Pratik Shah, Director, Chromeni Steels.
Echoing the sentiments of downstream user segments such as pipes and tube manufacturers, Railways, pharma, paper & pulp, chemicals, construction & building materials, utensils makers, etc, Mr Pratik Shah added, 'The revocation of ADD and CVD will bring much needed balance to the stainless steel prices which have been artificially going up as much as 40% in a matter of 6-8 months. Affordable barrier free raw material will go a long way in protecting domestic downstream industry and saving thousands of jobs. Chromeni will now put its scaling up plan back on track and re-commit itself to catering to India's rising stainless steel demand.' About Chromeni Steels Private Limited Chromeni Steels Private Limited is setting up one of India's largest integrated stainless steel plant in Mundra, Gujarat. In its first phase, Chromeni has set up Cold Rolled plant with a capacity of 0.7 million ton per annum. In the second phase, the company will add another 1 million ton capacity, and 4 million tons of HR coils by 2025. The project was envisaged during Vibrant Gujarat Summit in 2017 and the ground-breaking ceremony was dedicated by Hon'ble Chief Minister of Gujarat, Shri Vijay Rupani in January 2018.