Addressing a press-conference at the inaugural function of Metaltech'98, in Calcutta on Thursday, A K Basu, steel secretary, said, "the worst period of the steel industry is over and the core industry is on a turnaround path". Basu detailed the various issues that were put up by the industry to the government.

The industry has asked for a reduction on the excise duty on bars, rods and galvanised steel to 10 per cent. These products which are non-modvatable carry an excise duty of 15 per cent at present.

According to the steel secretary, a reduction in the excise duty would cost the government about Rs 500 crore which should be duly compensated by an increase in volumes by the industry.

The industry has also asked the finance minister to do away with the rail freight and instead charge excise at thestockyard.

In view of costly inputs as coking coal which is primarily imported, the industry has put forward its request to roll back the import duty altogether and ensure a level playing field for all producers. Basu said the industry which was much perturbed by frequent cases of dumping has suggested a reference price for all steel products entering the country.