Govt body recommends 10% import tax on hot-rolled steel products

A government body has recommended a safeguard tax on imports of flat sheets and plates of hot-rolled steel, an official statement said on Wednesday, to protect local mills hit by cheaper supplies from overseas.

The Directorate General of Safeguards has suggested an import tax of 10 per cent in the first year, which will be reduced to 8 per cent in the second, and 6 per cent for six months of the third year.

The taxes will be applied on imported products costing less than $504 a tonne.