Islamabad: The government has decided to work on forming a steel policy in September 2021 that will provide incentives and long-term financing to the steel industry for the next 10 to 15 years, according to a media report published on August 17.
A meeting of the Pakistan Association of Large Steel Producers (PALSP) was held with Federal Minister for Industries and Production Makhdum Khusro Bakhtyar on August 16. The meeting was attended by senior officers of the Ministry of Industries and Production and Advisor of Prime Minister on Commerce and Investment Razzak Dawood.
In the meeting, the federal minister was briefed on the total and installed capacity and production of steel units in the country. The steel sector’s representatives informed the meeting members about the prices of steel bars and scrape. In addition to this, the meeting discussed the concerns related to the steel industry’s incentives in the ex-FATA/PATA areas.
Moreover, the members of PALSP proposed to offer a tax credit to acquire steel bars for Prime Minister’s low-cost housing scheme, which will benefit the local market. Also, the representatives revealed the possibility of high export demand of steel-related products because of the high quality of steel bars manufacturing.
The Federal Minister Makhdum Khusro Bakhtyar assured that the government is working on a long-term framework for the steel industry that will enable the producers to meet the growing demand. He added that structural reforms were crucial for making Pakistan’s steel industry competitive globally. The minister also stated that utilization and mining of iron ore will be included in the policy as per Prime Minister’s vision. He added that the steel policy will generate employment opportunities for the locals and decrease import bills on raw materials.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
