Export duty hits steel firms with foreign arms

Price Export duty JSW SteelSlabs40,000 (a month)

$800-$900

15% Usha MartinWire Rods25,000 (a year)$1,00010% Usha MartinWire5,000 (a year)$1,50010%  Indian steel majors, JSW Steel and Usha Martin, have acquired subsidiaries overseas as part of a de-integration strategy for manufacturing primary steel near raw material sources and sending it to finishing mills closer to the markets.  JSW Steel, which acquired three finishing mills for $900 million in the US as part of an intra-family transfer in August 2007, has been exporting 40,000 tonnes of slabs per month to these mills