LAHORE: Expressing satisfaction over the recently issued SRO 18 (I)/2015 by FBR, the Pakistan Steel Melters’ Association (PSMA) welcomed the imposition of 15 per cent regulatory duty on the import of various steel products.
It was welcomed in a resolution passed during a meeting of Steel Melters Association with its Chairman Javaid Iqbal in the chair.
The SRO 18 (I)/2015 imposed regulatory duty of up to 15 percent on import of various steel products. It also discussed the issue of Tuwairqi Steel Mills Limited (TSML) which has already invested around $450 million as Foreign Direct Investment in the country in steel sector and virtually became pioneering industry.
The participants were concerned over the closure of a steel production facility, which is among the best in the region and added it would be a big loss to the country in general and steel sector in particular. It resolved that natural gas tariff issue of TSML needs to be addressed as per the recommendations of relevant ministries at the earliest by government.
