The Steel Industry fears closure of businesses and major job cuts in the wake of recent failure to open LCs (letters if Credit) by banks.
The Industry is already facing shortage of raw material due to the import ban. Consequently, the production is delayed and the companies are suffering from financial losses, according to the Pakistan Association of Large Steel Producers (PALSP).
Wajid Bukhari, PALSP Secretary General said “Steel is a vital sector for Pakistan’s economy, contributing over 5% to the country’s GDP and providing jobs for over 200,000 people with annual production capacity of over 5 million tons.”
He further said “If there is no steel, approximately 7.5 million jobs will be at stake and there is a possibility of closure of cement and all industries associated with the construction sector within a few weeks.”
Bukhari further said, “If there is no steel, approximately 7.5 million jobs will be at stake and there is a possibility of closure of cement and all industries associated with the construction sector within a few weeks.”
Waqas Ghani, JS Global steel sector analyst said, “The construction industry, as a whole, will be impacted by lower steel production, which will reduce demand for cement, glass, tiles, PVC, etc.”
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