Removing export taxes ‘hugely helps’ to compete globally: JSW Steel

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Removing export taxes 'hugely helps' to compete globally: JSW Steel
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India has removed export taxes on low-grade iron ore and certain intermediate steel products. (Case)

New Delhi:

India’s scrapping of export duties on steel intermediaries is “tremendously helping” domestic companies to compete in international markets amid a global slowdown in steel consumption, Reuters told Reuters today. JSW Steel CFO Seshagiri Rao MVS.

India scrapped export taxes on low-grade iron ore and some intermediate steel products from Saturday, after months of complaints from miners and steelmakers over lost sales opportunities to the ‘foreign.

“We are restoring relationships that have been severed because of export duties. These markets are particularly in Europe,” Bimlendra Jha, managing director of Jindal Steel and Power, told Reuters on the sidelines of an industry event. .

The taxes imposed in May were aimed at stimulating the domestic supply of iron ore, a raw material for steelmaking, and thus containing inflation.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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