New Delhi, April 8 -- The ongoing conflict involving Iran and the United States in the West Asia region is pushing up costs for the steel industry, mainly due to rising freight and insurance rates, Tata Steel Managing Director T V Narendran said on Wednesday.

Speaking to ANI, Narendran said the geopolitical tensions are affecting the industry in several ways, though steel production has not been hit so far.

"It is increasing the cost for the industry because freight rates and insurance rates have gone up," he said.

He added that supply constraints for certain fuels and industrial inputs are also adding to the pressure.

"Sometimes there are constraints in supply of LPG and LNG and the cost of supply has also increased," Narendran said....