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Steel makers agree to cut exports

NEW DELHI: After an intense battle with the Government on rising prices, steel makers on Tuesday called truce by agreeing to reduce exports, forego DEPB benefits and supported reducing import duty on the alloy.

“Steel producers today met the top brass of the Steel Ministry and conveyed that they also shared the government’s concern on rising prices and its impact on the common man,” Indian Steel Alliance President Moosa Raza told PTI. “Accordingly, we have assured them that we will exercise self-restraint on export of steel products with immediate effect to enhance domestic availability of steel,” Mr. Raza said.

The ISA President pointed out that the alliance has demanded bringing down the excise duty on steel to 8 per cent besides seeking reduction in import duty on input materials like met coke, refractories, ferro-alloys, zinc and the like. — PTI

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