Mumbai, Mar 4: Union Steel Minister Ram Vilas Paswan today said his ministry has no intention to intervene in the domestic steel prices issue, since the previous experience was bitter.

"Last time, when we tried to do it, there was a severe criticism from all over, including the media. We have thus taken a decision not to intervene in that matter," Paswan said at a CII conference here.

Last month, the ministry's intervention had prompted steel producers to reduce prices by Rs 500-1,000 on steel. Steel producers had hiked prices by up to Rs 2,500 to pass on the increased input costs to costumers.

He, however, indicated that if the price goes up 'exuberantly high', there could be interference from the ministry.

"It's not our policy to intervene in the prices until and unless it goes up exuberantly high," he said.

Asked what would be the limit beyond which the government may step in, he evaded any direct answer saying, "We have a price-monitoring committee and it looks after the pricing issue".

Paswan said since the private sector contributes 70 per cent of the domestic steel production, the ministry could not have much say on the pricing issue.

"Previously, we brought down prices of steel in SAIL and RINL. But, it did not have any impact on the consumers," he said.

Meanwhile, Paswan said that the government is likely to set up a high-powered committee to suggest measures to expedite implementation of the steel projects.

"Steel projects are getting delayed because of a number of issues like land acquisition, granting of mines, environmental clearances. The committee will look into these matters which are preventing speedy implementation," Paswan said.

At a time when the domestic demand is far exceeding the growth in production, the speedy implementation of the projects is necessary, he said.