India: Induction furnaces based in Orissa called off strike

Friday, September 17,

SteelMint Exclusive

Induction furnaces based in Orissa called off strike last evening after 10 days, said Orissa Steel Association Secretary. Furnaces in Orissa had gone on an indefinite strike to oppose hike in power rates by the Government.

Steel market has been sluggish for quite some time. Induction furnaces are most affected by the slow down in Steel market. “We are incurring a loss of Rs 700-800/MT; above that increase in power rates will widen our losses” said one of the Steel Ingot manufacturers based in Orissa.

Presently, Government has agreed not to increase the power rates for the time being.