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Pakistani Steel Mills Appreciates FBR for Curbing Smuggling of Steel From Iran

Steel News - Published on Tue, 15 Oct 2019

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Pakistan Association of Large Steel Producers appreciated the effective measures taken by the Pakistan Customs Authorities at Taftan border to curb the menace of smuggling of Steel from Iran to Pakistan. Chairman Federal board of Revenue and the Quetta Customs Collectorate has taken these measures on the orders of the Prime Minister Imran Khan who has issued strict directives for curbing the menace of smuggling, which is destroying the local industry.

Also, PALSP, that represents Pakistan's largest steel units in the long products has been making appeals to the prime minister as well as the concerned Govt departments by exhorting them for taking anti smuggling measures and also to discourage the abusage of certain rules/SRO wherein prime steel material was being allowed to be imported in the garb of scrap.

It may be mentioned here that there has been huge surge in import of prime Steel bars, in the garb of re-rollable scrap, and thousands of tones of steel found its way into Pakistani markets from Iran, during the last several months. This has been one of the biggest factor for huge loss of revenue to the Govt as well as closure of some of the local steel units in the country.

It many be mentioned here that the local steel industry in the recent years invested heavily in order to meet the growing demands of steel domestically especially for the Prime Minister's housing project and also for the CPEC. However, as a result of growing smuggling and abusage of rules, some of the leading companies declared heavy losses and many plants got closed this year. Also, as a result of smuggling coupled with slow-down of economy, some of the big local investors, who were all set to make more investments in Pakistan's steel sector, were forced to put their expansion plans on-the-hold.

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Posted By : Rabi Wangkhem on Tue, 15 Oct 2019
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