Indian government has carried out certain changes in the rates of export duty on Friday. Notification Nos 77 to 80/2008-Cus and Nos 39 and 40/2008-CE all dated June13th 2008 have been issued to implement these changes. They shall come into force with immediate effect.

A government release said that “Flat rolled products of iron and steel, including galvanized products and pipes and tubes that attracted export duty ranging from 5% to 15% ad valorem, have been fully exempted from export duty.”

It added that “The rate of export duty on long products such as bars and rods, angles, shapes and sections and wire has been increased from 10% to 15%, to improve their availability in the domestic market.

Indian government’s finance ministry’s revenue department vide notification No 66/2008-CUSTOMS dated May 10th 2008 under sub section (1) of section 25 of the Customs Act of 1962 (52 of 1962), said that the central government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in column 3 of the table and falling under Heading No of the Second Schedule to the Customs Tariff Act of 1975 (51 of 1975), specified in the corresponding entry in column 2 of the table, when exported out of India, from so much of the duty of customs livable thereon under the said Second Schedule as is in excess of the amount calculated at the rate specified in the corresponding entry in column 4 of the table

India`s steel export has declined by 6% and import has increased by 45% due to huge domestic demand, reports agency sources.

The Union Steel Secretary RS Pandey said that the potentials of mineral-rich state like Orissa, should be tapped to augment steel production in the country.

While reviewing the progress of proposed mega steel projects in the state he said, Orissa has enough iron ore to produce around 80 million tons steel per annum.

India’s steel industry is surging ahead, entering into global deals and taking the country’s economy to new heights. The Indian government plans to invest over $350 billion in steel industries related to infrastructure and construction.

The Indian government estimates that steel production would grow at a CAGR of 16 per cent to touch 124.06 MT by 2011-12. India’s steel production capacity is estimated to be 200 MT by 2020.

Following are some of the major steel sector plans currently in underway in India and abroad:

• Arcelor Mittal, the world’s largest steelmaker, plans to set up two greenfield steel projects in India each with a capacity of 12 million ton per annum (MTPA).
• Acerinox SA, the world’s 2nd biggest stainless steelmaker, is joining hands with Japan’s Nisshin Steel to build a steel plant in India.
• Tata Steel , the world’s fifth largest steel maker, plans to double its capacity by 2015, by adding another 35 MT capacity.
• India’s largest steel manufacturer SAIL  is planning to increase its annual production of 12 MTPA to 24.98 MTPA by 2011-12.
• Sinosteel Corp, China’s 2nd biggest iron ore trader, plans to invest $4 billion to build a 5 MT greenfield steel plant.
• Kalyani Steels will set up an integrated steel and power project in West Bengal, at a cost of $1.63 billion.
• $365.7 million investment coming in steel is coming up in Karnataka.
• Mesco Steel plans to invest around $2.8 billion in two steel plants — a brownfield expansion and the other a greenfield project — in Orissa.
• Vedanta Resources plans to enter the Indian steel sector with a 5 MT plant at an investment of about $6.02 billion in Orissa.
• State-owned Steel Authority of India Ltd (SAIL) will invest $5.006 billion in West Bengal. This is almost two-fifths of the $13.27 billion spread planned by SAIL.
• Tata Steel has acquired the Anglo-Dutch steelmaker Corus to become the world’s 5th largest steelmaker, adding 19 MT of steel-making capacity.
• Essar Global has acquired Canada’s Algoma Steel for $1.63 billion and US-based Minnesota Steel.
• Naveen Jindal-promoted Jindal Steel & Power Ltd (JSPL) has bagged the $2.1 billion contract for developing one of the world’s largest iron ore deposits, El Mutun. The project includes a 2 MT steel plant in Bolivia.
• JSW Steel  has acquired Jindal United Steel Corporation, Saw Pipes USA and Jindal Enterprises LLC at Baytown, Texas, for $940 million.
• India’s Steel Strips  Wheels Ltd. has received an order from French car maker Renault SA worth $27.56 million to supply around 1 million steel wheel rims for over 5 years.