Steel industry welcomes reduction in steel export duties

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The government’s decision to scrap export duties on steel items will boost demand for steel, industry members said on Saturday.

The government reduced export duties on steel products and iron ore from November 19, 2022, six months after the levy was imposed on May 21.

According to a Finance Ministry notification issued late Friday night, exports of certain iron and steel products as well as iron ore pellets will be subject to “zero” export duties.

“It will be a great sentimental boost to revive domestic steel demand, especially when global steel demand is in a sharp decline,” said Seshagiri Rao, Joint MD, JSW Steel & Group CFO.

Alok Sahay, secretary general of the Indian Steel Association (ISA), said the decision, immediately after the inflation figures reached a reasonable level, shows the government’s concern for the common man and the industry.

Dilip Oommen, CEO of ArcelorMittal Nippon Steel (AMNS) India, said this will further re-energize and motivate the industry to confidently move forward to set the steel sector on an inclusive growth path. Oommen is also the president of the ISA.

Abhyuday Jindal, MD of Jindal Stainless called it a highly anticipated move.

“It was the need of the hour to enable domestic manufacturers to compete with their global counterparts. I am confident that this will give impetus to the government’s Make in India and Local to Global vision,’ Jindal said.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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