Business

Local economy: ‘CPEC to help steel industry’

Saeed said that more incentives were needed to attract new investment to the steel industry in the country

APP February 24, 2016

PHOTO: REUTERS

KARACHI:

The start of mega development schemes and power projects under the China-Pakistan Economic Corridor (CPEC) will boost the annual demand for steel products by more than 30% to 6 million tons from 4 million tons, said an industry representative.

Pakistan Steel Re-Rolling Mills Association (PSRMA) Vice Chairman Akhtar Saeed said that 475 steel making units (large and small size) were operating in the country and their annual production was around 4 million tons. The large units’ production share was around 1.2 million tons.

Saeed said that more incentives were needed to attract new investment to the steel industry in the country. “The government should come up with a new comprehensive and targeted policy for the important sector of steel and they should have a detailed consultation with PSRMA.

“As a result of the increasing demand, new steel units would be set up. Thus, more job opportunities would be created and the government would get more taxes.

Published in The Express Tribune, February 25^th, 2016.

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COMMENTS (2)

Hashim | 8 years ago | Reply The total estimate on demand for steel is off. In my opinion Pak's steel demand is in excess of 7 million tons. CPEC and other infrastructure projects should help it creep over the million tons pa level. Use World Steel Association's numbers on per capita steel consumption in Pakistan for a more informed view on the consumption.

Ather | 8 years ago | Reply increase is 50% not 30% !

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