JSW Steel Limited Joint Managing Director and Group CFO Seshagiri Rao poses for a picture in front of the company logo at their headquarters in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui
NEW DELHI, Nov 21 - India's removal of export duty on steel intermediates "immensely helps" domestic companies compete in international markets amid a global slowdown in steel consumption, JSW Steel'son low-grade iron ore and on some intermediate steel products beginning Saturday, after months of complaints from miners and steel makers about the loss of foreign sales opportunities.
"We are restoring the relationships that were broken because of the export duties. These markets are particularly in Europe," Bimlendra Jha, managing director of Jindal Steel and PowerThe taxes imposed in May were intended to boost the domestic supply of iron ore, a raw ingredient for making steel, and thereby hold down inflation.
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