Not much tariff impact on steel companies: Narendran

Jamshedpur: Tata Steel CEO and managing director T V Narendran on Wednesday said the 50% tariff imposed by the US govt will not have much impact on the domestic steel sector. Narendran, however, added that the tariff would affect other sectors, such as textiles and gems and jewellery.Admitting the challenges, such as the prevailing market scenario of the world and the US tariff, he said, "Our growth rate is good and domestic demand increasing. Domestic Steel demand was also growing. But we have to be competitive always." Narendran said the govt has been chalking out a strategy, such as a proposal to bring in reforms in GST, to counter the impact of the 50% US tariff. Describing the Tata Group as a nation-building group, Narendran said that it is developing the community around its operational areas.