Reuters reported that India’s largest steelmaker JSW Steel expects its exports to fall to a more than five-year low at 10% of overall sales in the fiscal year to March 2023 because of reduced global demand and an export tax. JSW Steel’s Joint Managing Director & Group Chief Financial Officer Mr Seshagiri Rao MVS told Reuters in an interview “The global economy is slowing down. Adding to that, there is an export duty, which has come in. Both together, I think, has made the country lose that competitive advantage.” Mr Rao added “We can't completely get out of the export market because these customers are developed painstakingly over a period of time.” Finished steel exports from the world's second-biggest crude steel producer more than halved during the first seven months of the fiscal year that began in April, partly because of a 15% export tax on some steel intermediates that the federal government levied in May.
Reuters reported that India’s largest steelmaker JSW Steel expects its exports to fall to a more than five-year low at 10% of overall sales in the fiscal year to March 2023 because of reduced global demand and an export tax. JSW Steel’s Joint Managing Director & Group Chief Financial Officer Mr Seshagiri Rao MVS told Reuters in an interview “The global economy is slowing down. Adding to that, there is an export duty, which has come in. Both together, I think, has made the country lose that competitive advantage.” Mr Rao added “We can't completely get out of the export market because these customers are developed painstakingly over a period of time.” Finished steel exports from the world's second-biggest crude steel producer more than halved during the first seven months of the fiscal year that began in April, partly because of a 15% export tax on some steel intermediates that the federal government levied in May.
