LAHORE: The documented steel sector will be forced to close down its units for an indefinite period in case the issue of Letters of Credit (LCs) is not resolved within the next four days.
This was resolved during an emergency meeting of the leadership of Pakistan Association of Large Steel Producers (PALSP) about ways to deal with the ongoing crisis. The meeting was attended by representatives of leading players of Long Steel industry, namely Nomee Steels, Naveena Steels, Mughal Steels, Amreli Steels, Agha Steel Industries, FF Steels, Faizan Steels, Karachi Steels, Ittehad Steels, Fazal Steels, Kamran Steels, Pak Iron, and Pak Steel.
During the meeting, the documented steel sector once again urged the government to help pull it out of the crisis it has been facing due to the restrictions on opening of LCs. The members of the PALSP, who are the leading players of the steel sector, pointed out that their sector is the backbone of the economy as it has emerged as one of the country’s leading exporters.
The association represents the transparent and documented steel manufacturing sector of the country.
