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(April to November), India's steel production reached 76.44 million tons, a year-on-year increase of 20%.

The main export products included oxyamino compounds, steel, and freight vehicles; and the main imported commodities were copper ore, milk and cream, logs and potash fertilizer.

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EU companies will also be able to export aluminum tariff-free.

"Steel is a key foundation industry and it is absolutely essential that it receives practical support from the government," he said.