Government body recommends 10 percent import tax on hot-rolled steel products

NEW DELHI (Reuters) - A government body has recommended a safeguard tax on imports of flat sheets and plates of hot-rolled steel, an official statement said on Wednesday, to protect local mills hit by cheaper supplies from overseas. The Directorate General of Safeguards has suggested an import tax of 10 percent in the first year, which will be reduced to 8 percent in the second, and 6 percent for six months of the third year. The taxes will be applied on imported products costing less than $504 a tonne. For details see: http://bit.ly/2aRUqvG (Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)