India will soon start importing steel from the United States, as U.K. Prime Minister Theresa May has announced that the country will start importing the metal as soon as the Trump administration takes control of the industry.
“India will soon be importing steel for its steel mills, as per the order of the U.N.,” Ms. May said during a speech to the UBS annual meeting on Wednesday.
India is expected to import up to 50 percent of the world’s steel in the next five years, the New York Times reported.
U.A.E. Prime Minster V.
Kishore Yadav also announced on Wednesday that he had decided to order a third of India’s steel for the domestic steel mills.
“This is a huge step forward for our industry and the future of our steel sector,” Mr. Yadav said.
India’s exports to the United Kingdom have dropped by about a third in the past six months.
The Indian steel industry employs about 10,000 people in India, mostly in the steel mills of Maharashtra state.
Last month, the U,S.
imposed an import ban on U.KS.-based Tata Steel, accusing the company of failing to meet quality standards in India.
Tata Steel has denied any wrongdoing and said the ban was in line with WTO rules.
UBS analyst Ramya Singh said U.B.S.-based American Steel Group Inc. is the leading U.Y. Steel import-import partner in India and UBS expects India to become a major U.F.O. supplier by 2021.