New Delhi, Oct 17: Sajjan Jindal, the Vice Chairman and MD of JSW Steel Ltd on riday, Oct 17 said that the steel firms will urge the Centre to roll back the export duty and levy import duty of 20 per cent on steel. ''We need to bring back import duty up to 20 per cent and roll back the export duty in order to protect the domestic steel firms,'' said Jindal, who is also ASSOCHAM President to the mediapersons.
The country is a net importer of steel and the growth of steel consumption is intact inspite of the global meltdown, he said. ''It might slowdown if the liquidity crisis continues.'' At present, there is zero import duty on steel products, while export duty stands at 15 per cent. And, at the international level, the steel prices have fallen more than a fifth from this year's peak in June and July.
The steel companies are meeting the government on Friday, oct 17 evening to discuss the changes in duty structure.
On Wednesday, Oct 15, Steel Minister Ram Vilas Paswan had said the government will take steps to support domestic firms, and it might consider imposing five per cent import duty and scrapping export duty on steel.
Tata and SAIL representatives had met the Minister and suggested to scrap the export duty.