India's finance chief calls for global steel reforms and invites worldsteel to set up Indian office

At the worldsteel General Assembly in New Delhi, Finance Minister Nirmala Sitharaman argued that single-country tariffs merely redirect surplus steel rather than solving the underlying overcapacity problem. She called for multilateral discipline on subsidies, backed by clear data, to achieve a lasting correction. Sitharaman noted that India now drives the largest share of global steel demand growth, strengthening the case for a worldsteel office on Indian soil.

She cited the association’s Beijing office, opened when China led demand, as a precedent. The minister also referenced high tariffs in major import markets and the EU's Carbon Border Adjustment Mechanism as factors underscoring the need for balanced expansion, supply-chain security, and emission cuts. Finally, she reminded that India’s recent capacity additions match domestic consumption, not excess supply, and referenced a recent G20 Trade Ministerial statement on structural overcapacity.