The body or organisation of large steel producers has raised its voice against large-scale smuggling of steel billets and bars through advertisements in newspapers.
According to it, around 500,000 metric tons of steel is smuggled into Pakistan annually from Afghanistan and Iran. This is resulting in revenue loss of Rs 25 billion annually in addition to massive job losses.
The organisation of steel makers has announced that if smuggling remains unchecked, it will woefully undermine industry’s ability and capacity to export steel products.
In my view, the large steel making sector has a strong case that it has presented to the prime minister, finance minister and minister for industries in an effective manner. Needless to say, the rising incidence of smuggling has been harming our trade and industry, including steel-making sector.
But the steel makers need to answer question why there exists shortage of steel products although the government has begun to ease import restrictions. Massive increase in prices of steel products in recent months constitutes another question for Pakistan Association of Large Steel Producers to answer.
Sami Ibrahim (Karachi)
Copyright Business Recorder, 2023
Comments
Comments are closed for this article.