Lahore: The Ministry of Industries and Production (MoIP) will hire a third party to assess and determine the actual production cost of steel and construction material, the news source reported. The price determination will help the government stabilise the rising cost of construction materials.
The MoIP officially announced the hiring of a third party during the Senate Standing Committee meeting held on Industries and Production. According to the government, the audit and evaluation would help stabilise the market and limit runaway prices. The Pakistan Association of Large Steel Producers briefed the committee that the country has over 400 steel factories. Every steel plant is reliant on imported scrap material for manufacturing products.
Moreover, in answer to a question on the financial losses at Pakistan Steel Mill (PSM), it was revealed that the PSM has currently experienced a total loss of PKR 67.167 billion from June 30 to December 2020. The losses are the result of both external and internal sources. PSM’s management has laid off numerous staff members to reduce losses.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
