Chance for India to make steel for domestic, global needs: T V Narendran

Welcoming the government's move to remove export duty on steel, Tata Steel CEO T V Narendran said India has a great opportunity to make steel for domestic consumption as well as to meet global needs.

"We welcome the government's decision to roll back the export duty on steel products and iron ore, imposed to deal with the inflationary situation, and we acknowledge the same," Narendran told PTI.

India, being richly endowed with iron ore, has a great opportunity to make steel in India, for India, and for the world, he said.

China, Japan, and South Korea, together export around 150 million tonne of steel annually despite importing most of their iron ore needs, Narendran noted.

Six months after imposition of the levy on May 21, the government removed the export duty on steel items and iron ore to nil effective from November 19, 2022.