Govt to review steel price hike by firms on Feb 15

Steel Minister Ram Vilas Paswan today termed the recent price hike by steel companies as "unreasonable", and said the government would review the move on February 15.

"I've asked the price monitoring committee chairman to look into the recent price hike and submit a report in the next five days," Paswan told reporters on the sidelines of an event organised by Steel Authority of India Ltd (SAIL).

The rise in cost of inputs, like coking coal, has not been as high as the hike in steel prices effected by the companies, he said.

Several steel companies, including Tata Steel and Essar Steel, announced an increase of Rs 2,000-2,500 per tonne increase in product prices this month, citing higher input costs.

Separately, justifying the price hike, SAIL Chairman SK Roongta today said the company was facing cost pressure.

He said the company would explain its stance on the price rise when the government calls for a review meeting.