Due to a downturn in global demand and an export tax, India's JSW Steel Ltd anticipates its exports to reach a more than five-year low at 10% of total sales in the fiscal year ending in March 2023.
Seshagiri Rao M.V.S., joint managing director and group chief financial officer, stated that India's largest steelmaker by capacity anticipates selling 24 million tons of steel in the fiscal 2022–2023 year.
"The world economy is behind. Additionally, an export duty has just been implemented. I believe that both have caused the nation to lose that competitive advantage "added Rao.
Due to the painstaking development of these customers over time, we are unable to completely exit the export market.
During the first seven months of the fiscal year that started in April, finished steel exports from the second-largest crude steel producer in the world more than halved, in part due to a 15 percent export tax that the federal government imposed on some steel intermediates in May.
This year, JSW Steel plans to manufacture 25 million tons of basic steel, a 28 percent increase over 2013.
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