NEW DELHI: Welcoming the government’s move to abolish steel export duties, CEO of Tata Steel TV Narendran said India has a great opportunity to manufacture steel for domestic consumption as well as to meet global needs.

“We welcome the government’s decision to cancel the export duties for steel and iron ore products, which were imposed to deal with the inflation situation, and we acknowledge the same thing,” Narendran told PTI.

India, which is rich in iron ore, has great opportunities to make steel in India, for India and for the world, he said.

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China, Japan and South Korea together export about 150 million tonnes of steel each year despite importing most of their iron ore requirements, noted Narendran.

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Six months after the imposition of the levy on May 21, the government removed the export duties for steel and iron ore to zero starting November 19, 2022.

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