Export duty on steel was imposed to control inflation: JSW chairman

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The government had levied export duty on steel to control inflation which has now come down, JSW Group Chairman Sajjan Jindal said on Monday.

He made the remarks reacting to the government’s action of removing the export duty on steel items. ”Duty was brought in because there was huge pressure on inflation and government wanted to cool down the inflation and the industry supported the government in the efforts,” he told PTI on the sidelines of the 3rd Indian Steel Association (ISA) Conclave event here.

Inflation has come down and the steel prices have also corrected in the domestic as well as global market, Jindal said without sharing any details. At that time, the government felt duty is important. It has been removed now and industry welcomes the move.

The industry will continue to make steel for domestic needs as well as for world market, he added. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 — six months after imposition of the levy on May 21. The JSW Group has significant presence in sectors like steel, cement, paints and infrastructure, among others.