No blanket ban on iron ore exports

The government will soon formulate a policy on export of iron-ore but has ruled out imposing a blanket ban as demanded by the domestic steel industry.

"The government is very concerned about the issue but it is not possible to put a blanket ban," Union Minister of State for Steel Akhilesh Das said today.

He, however, said a policy would be framed soon to keep export of the raw material to the bare minimum.

Denying any shortage of iron ore on account of exports, Das said there were huge deposits of iron-ore in the country.

Multinational steel giants including South Korea's Posco and Mittal Steel had sought permission to export iron ore from the country, but domestic players including Tata Steel were against allowing ore exports.

The minister, who was addressing the 60th annual technical meeting of Indian Institute of Metals (IIM), said research and development in the steel sector was vital.

"The central government is emphasising the need to focus on research and development in the steel sector and even contemplating allocating fund for the purpose," Das said.

"We have been encouraging all industries particularly in the steel sector to develop R&D wing in the country in view of the growing steel sector," he said.