Steel is a de-regulated sector. Commercial decisions such as production, export/import are taken by the steel companies. However, the Government has taken various steps to increase availability of iron and steel, which, inter-alia, include Mining and Mineral Policy reforms to ensure enhanced production and availability of iron ore, early operationalization of forfeited working mines of Odisha by the State/Central PSUs etc., besides ramping up production and capacity utilization by steel producers. In Union Budget 2021-22, Customs Duty has been reduced uniformly to 7.5% on Semis, Flat and Long products of non-alloy, alloy and stainless steels. Further, BCD on steel scrap has been exempted for a period up to March 31, 2022. In addition to the above, ADD and CVD on certain steel products have also been revoked/ temporarily revoked.
This information was given by the Union Minister for Steel Shri Ram Chandra Prasad Singh in a written reply in the Lok Sabha today.
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