Duty hike to hurt 90,000 tn of exports monthly: ArcelorMittal Nippon Steel

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Duty hike to hurt 90,000 tn of exports monthly: ArcelorMittal Nippon Steel

ArcelorMittal Nippon Steel India Ltd expects about 90,000 tonnes of steel exports every month to be hit by government’s duty increase, alongside a dampening effect on fresh investments

Topics


Indian export | Investments | government of India

Reuters  | 
MUMBAI 

Last Updated at May 23, 2022 16:35 IST

ArcelorMittal Nippon Steel India CEO Dilip Oommen

MUMBAI (Reuters) – ArcelorMittal Nippon Steel India Ltd expects about 90,000 tonnes of steel exports every month to be hit by government’s duty increase, alongside a dampening effect on fresh investments, Dilip Oommen, chief executive officer, said on Monday.

“Export duty imposed by Indian government will have repercussion on company’s export market,” Oommen told Reuters, adding, the company exports 15% of its total production.

Oomen is also president of the Indian Steel Association.

(Reporting by Rupam Jain in Mumbai and Neha Arora in New Delhi, Editing by Louise Heavens)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, May 23 2022. 16:35 IST

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