Tata Steel, for rescuing the domestic industry that is currently battling with scarcity of the raw material and regulatory hurdle, has demanded that import duty on iron ore be cut to zero in the upcoming Union Budget, which is scheduled to be presented on February 28, 2013. The import duty on steel grade limestone, dolomite presently stands at 5%, while that on iron ore is 2.5%.
Given that the first six months of the current fiscal have seen 40% jump in steel imports and in order to protect interests of the domestic industry, the company is of the view that budget needs to revisit last year's hike in excise duty and take steps to discourage dumping of products in India.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
