Steel Industry Requests PM to Stop Steel Smuggling from Iran and Afghanistan
- 18, April , 2023
Newstoday: The steel industry has asked Prime Minister Shehbaz Sharif to intervene in order to stop the damage to the local steel sector caused by the smuggling of roughly 500,000 MT of steel from Iran and Afghanistan. According to the steel industry's letter, large-scale smuggling of steel from Iran and Afghanistan, together with other causes, is undermining the local steel sector. The sector is already struggling for survival on several fronts and is facing a very difficult position as a result of enormous currency depreciation, high financing costs, and massive increases in the cost of various commodities. Its production is stopped due to the shortage of raw materials and most the Pakistani mills are working on a small fractions. The smuggling situation has worsened the condition of steel industries and the local steel industry with the loss of huge revenue loss.