New Delhi, Oct. 12 -- Union finance minister Nirmala Sitharaman on Monday invited the World Steel Association (Worldsteel) to establish an office in India, citing the country's growing importance as a driver of global steel demand and its expanding production capacity.

She also called for a coordinated approach to decarbonization, arguing that unilateral tariffs, including measures such as the European Union's Carbon Border Adjustment Mechanism (CBAM), would not address the structural problem of global excess steel capacity.

Addressing Worldsteel's general assembly in New Delhi, Sitharaman said India had become the largest single source of incremental global steel demand, making a stronger presence in the country increasingly relevant f...