Govt to contest EU`s probe on steel fasteners

New Delhi, Nov 2 (PTI) The Indian 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.
The European Union 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 European Union 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 USD 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. MORE PTI