ITCs voting out the steel levy has been generally welcomed by the steel exporting countries. For their part, American steel companies which are smarting under a sense of humiliation and nursing bruised egos will now have to take up the challenge of restructuring to survive the competition. Meanwhile, CR steel prices in the US have gone up by over 60 per cent, pointing to a shortage of the product. Much of the vehemence of the US steel companies may thus prove misdirected. Under section 201 of the US Trade Act, anti-dumping duties in the range of 29-43 per cent were imposed on Indian steel in March 2002. In April 2002, preliminary anti-dumping margins of 154 per cent were imposed on Indian exports of cold rolled carbon steel. Their impact has been softened as India being a developing country has been exempted from section 201 provisions. On the face of it, Indian steel companies are unlikely to take advantage of the squashing of anti-dumping duties because of the lure of the domestic market. If thats growing at about 7 per cent, it holds out much better prospects than slugging it out in the US market. With demand from user sectors such as automobiles, construction, consumer durables and housing, HR prices have gone up 30 per cent and CR by 16-17 per cent in recent months. HR products in fact face a shortage of about 1.3 million tonnes in the future. But it is high time that Indian steel companies like Tata Steel and JISCO also looked outward.