Govt likely to levy 5% import duty, scrap export duty on steel

New Delhi, Oct 15 (UNI) Following a slump in global steel prices, the government will take steps to support domestic firms, as it may consider imposing five per cent import duty and scrapping export duty on steel on Friday.

Addressing a press conference here, Steel Minister Ram Vilas Paswan today said the steel industry would be given relaxation on export duty, and imposition of import duty.

He said the government would consider the proposal on Friday.

''We are meeting the steel companies on October 17 to consider this.'' At present, there is zero import duty on steel products, while export duty stands at 15 per cent.

''The steel industry has supported the government during inflation. We would certainly reciprocate the gesture,'' he continued.

The Minister said Tata and SAIL representatives met him and suggested to scrap the export duty, while import duty should be imposed.

At the international level, the steel prices have fallen more than a fifth from this year's peak in June and July.

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