Paswan asks PM to withdraw DEPB

Steel Minister Ram Vilas Paswan has asked Prime Minister Manmohan Singh to withdraw export incentives available to steel producers, who have been raising prices despite repeated appeals by the government.

If the export incentives in the form of Duty Entitlement Pass Book (DEPB) scheme were withdrawn, the bottomlines of major steel producers could take a hit of about Rs 600 crore.

Steel prices have been rising since December 2007. Prices of 'long' products have riesn 24 per cent while those of 'flat' products rose between 20 per cent and 22 per cent.