LAHORE: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has said that the massive quantity of finished and semi-finished steel products are being dumped by Chinese traders in the country, which is affecting the local industry.
FPCCI Standing Committee on Steel Melting chairman Mian Azizur Rehman Chan, in a statement, said that presently steel melting industry is one of the largest revenue generating sectors in Pakistan.
“We do appreciate the business friendly policies of the present government. However, there are certain impediments which have retarded the progress and the industry is now in doldrums.”
He said that steel melting industry has a capacity of 7 million tons. Only 50% of the capacity is being utilized. By abolishing the unnecessary taxes/burden, this industry will be able to compete the imported billets and steel bars. Almost, 50% of the industry has closed down and others are on the verge of closure. Millions of labour is feared to be unemployed.
