| Lahore: The steel manufacturers have written a letter to Prime Minister Shehbaz Sharif pleading him to curb the devastating smuggling of steel from Iran and Afghanistan, which has cost the sector dearly, according to news published on April 17.
Read: Govt urged to prioritise steel sector’s LCs
The letter highlighted that approximately 500,000 MT of steel has been sourced illegally from Iran and Afghanistan. The manufacturers say that this practice combined with some other factors is wreaking havoc on the local steel industry.
The letter highlighted that the industry is already struggling through many challenges including currency depreciation, increased financing cost and price hike of various inputs. Moreover, 500,000 MT of steel being brought in illegally makes up for 10% of total steel production in Pakistan and has cost a revenue loss of some PKR 25 billion to the national exchequer annually.
Read: EDB urges govt to open LCs for steel scrap imports
The local industry has asked the Prime Minister to permit steel import via sea routes alone to counter the threat of smuggling. |
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