New Delhi: In a bid to check sky-rocketing steel prices, the Government today (Feb 27, 2004) decided to cut duties and export incentives on products and inputs.

The decision for reduction in customs and excise across the board was taken at a high-level Ministerial meeting chaired by Prime Minister Atal Behari Vajpayee, Commerce Minister Arun Jaitley and Steel Minister B K Tripathy said.

"Prime Minister Atal Behari Vajpayee held meeting with all the Ministries related to steel... Finance, Revenue and Steel, and several important decisions have been taken with regard to the steel industry," they said.

They, however, declined to give details, saying the notification detailing these decisions would be issued soon.

The objective was to check the steel prices that have been rising for almost a year, they added.