Foundry factories to withdraw srike: To begin operation from the 21st
Coimbatore: The 400 foundry factories in Coimbatore have been on strike since the 16th to control the rise in raw material prices. This has resulted in a production loss of up to Rs 120 crore for four days at a rate of Rs 30 crore per day till date.
The foundry industry has now decided to suspend the indefinite strike from the 21st (Monday). Siva Shanmuga Kumar, Presidentof the Association of Small and Micro Foundry Owners, said, "Prices of foundry raw materials such as iron, scrap, coke and allied products have gone up by more than 30 per cent. The rise in prices risks crippling the foundry industry. Due to this unavoidable situation, we went on an indefinite strike from the 16th."
He added that, "The strike will be suspended from 21st (Monday). The Union executives and executive committee members have unanimously decided to suspend the strike. The strike has paralyzed the wet grinder industry, the pump and motor industry, the textile industry and other engineering industries, which depend primarily on the engineering industry. Most of the customers in the foundry industry understand the raw material price rise. Customers have assured that prices will be in line with the rising cost of goods."
He said that there is hope that the central and state governments will take action to curb the price rise and for these reasons, it has been decided to suspend this strike.