Steel Mills Started to Shut Down in Pakistan Due to Import Crises
- 03, February , 2023
NewsToday: Steel mills have shut down their branches, and more to expect within the coming weeks. State Bank of Pakistan has banned the letter of credit for steel imports and other raw materials. During an interview with steel mills, CEO Zarak Khan said that due to high issues in December, the central bank instructed to stop the commercial export and import of items. Due to high petrol prices and electricity bills, many industries are closing their operations in Pakistan.
Other than steel mills, Car manufacturers, Toyota and Indus have also closed their production. The lack of raw materials, according to the Large Steel Producers of Pakistan Association, causes delays for businesses and financial loss. As a result of PALSP's recent statement, SBP Secretary General Wajid Bukhari called for sudden action by the government and the SBP to resolve the crisis and protect the steel industry.