Indian Steel Alliance to rope in more members

Indian Steel Alliance (ISA) "" the association of the five leading steel makers in the country "" is looking at bringing in more steel companies into its fold.

Currently, the ISA comprises the largest flat products manufacturers in the country - the Steel Authority of India, Tata Steel, Essar Steel, Jindal Iron & Steel and Ispat Industries.

Moosa Raza, president, ISA, told Business Standard, "We have decided to invite a lot of steel players to join the organisation, especially long products makers. However, there will be some criteria on which membership to the alliance would be given."

Steel companies with capacities above two million tonne would be invited to the organisation, Raza added. ISA has already started discussions with some long product players like Rashtriya Ispat Nigam, the three-million tonne company based in Vishakapatnam, for joining the organisation.

ISA had recently announced that the prices of steel products would be reviewed quarterly and not changed on an ad-hoc basis as before.

"We would be reviewing the domestic price situation very soon and if required, there could be price revisions in the future," Raza said.

ISA had taken the decision to put an end to ad-hocism on pricing, close on the heels of indications of a global slowdown in prices.

With the Chinese economy curbing its infrastructure growth, hot rolled coil prices have been slipping in the last few weeks.

However, steel makers in India, particularly the long product manufacturers are planning an upward revision of prices soon, due to a rising demand and high input costs.