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What is the stepname on the EXEC statement used for and is it a required parameter?

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What is the stepname on the EXEC statement used for and is it a required parameter?

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Stepname on the EXEC statement is used to name the job step. It is required if subsequent JCL statements refer to it or if one wishes to restart the job from the step; otherwise it is optional. Stepname are recommended and should have unique names.

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