Minister for Industries, Jahangir Khan Tareen has directed the Engineering Development Board (EDB) to start immediate consultations with all the stakeholders to formulate measures for addressing the sudden surge in domestic steel prices.
According to a press release, he stated this while chairing a meeting on surge in domestic steel prices due to increase in general sales tax (GST) here on Tuesday. Shahab Khawaja, Secretary MOIP&SI, General Muhammad Javed (Retd), Chairman Pakistan Steel Mills, CBR representative and other senior officials of MOI&SI and the EDB also attended the meeting.
Representatives of the steel industry and the KCCI also attended the meeting. The Steel Mills chairman, in his presentation, indicated the impact of increased GST on various Pakistan Steel products. The issue of price surge and the GST was discussed in detail in the meeting.
All the stakeholders gave their points of view on the surge in price of steel products. The minister said that the government wanted to provide a level playing field to the steel industry and wanted the whole sector to be developed. He further said that their objective was to make steel industry more formal and energy efficient. Tareen also advised the steel industry to be more competitive and efficient so as to meet challenges of globalisation.-PR
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