The Union Minister of Steel, Beni Prasad Verma has said that the production of iron ore in India is in excess of the total estimated domestic consumption by the iron and steel industry.    

He added that profits and turnover of steel companies depend upon a number of factors such as source of raw materials, scale of operation, cost of manpower, etc., of which supply of iron ore is only one of the factors. He revealed the details of iron ore and finished steel produced, consumed and exported during each of the last three years.    

In a written reply in the Rajya Sabha on August 28, Verma said that fiscal measures have already been taken by government to discourage export of iron ore and to improve availability of iron ore for the domestic iron and steel industry at affordable price.    

An export duty of 30 per cent ad valorem is presently levied on all varieties of iron ore (except pellets), he added.