[India Calls for Multilateral Action to Address Global Steel Overcapacity]

Published: Oct 13, 2026 16:18 (GMT+8)

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India's Finance Minister Nirmala Sitharaman has called for coordinated international action to address global steel overcapacity, warning that unilateral tariffs merely redirect surplus steel between markets without resolving underlying production imbalances. Speaking at the World Steel Association General Assembly in New Delhi on October 12, Sitharaman emphasised the need for greater transparency and multilateral disciplines on subsidies that sustain uneconomic steelmaking capacity. She noted that India's steel industry continues to expand on the back of strong domestic consumption, with crude steel production rising 10% to approximately 165 million tonnes in 2025, while finished steel consumption reached around 164 million tonnes in FY2025–26. The minister also highlighted the impact of increasing trade restrictions and the European Union's Carbon Border Adjustment Mechanism (CBAM) on global steel trade. The remarks underline India's support for addressing structural overcapacity through international cooperation, although no new import restrictions or tariff measures were announced.

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