The steel producers had yesterday announced to cut prices by Rs 4000 a tonne on flat products, used in consumer durables and automobiles and Rs 2000 on long products, due to continuous governmetal pressure.
The price reduction will be applicable for steel consumption and sales in India except for term contracts and material consumed for further value added exports, said a press release from JSW steel.
"Keeping the overall national economic interest in mind and as a measure of support to the government, we have decided to reduce the prices inspite of severe cost increase on import raw aterials for us," said Sajjan Jindal, vice chairman and managing director of JSW Steel.
