CorporateGovt to contest EU's probe on steel fasteners
The government would contest the claims of European steel product makers that it is subsiding domestic manufacturers and has asked the engineering industry to collect data that would help in defending Indian firms.
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The European Union (EU) had initiated the anti-subsidy proceedings in August against Indian exports of certain type of stainless steel fastners like screw, nuts and bolts on a complaint by its steel fasteners industry and has asked India to file a reply, an official said.
The government has asked the EEPC, the apex body of engineering goods exporters, to collect all the data that would help in contesting the EU"s proceedings against Indian firms.
"The EU has initiated an anti-subsidy proceeding against export of certain stainless steel fasteners and parts (manufactured by cold forged process or without heating) originating from India," the official said.
India"s exports of steel fastners to the EU was estimated at $149 million during April-December 2008-09.
Anti-subsidy means a subsidy as a financial contribution made by a government which confers a benefit to the producer or exporter. The countervailing duties would neutralise the benefit of such a subsidy.