The Federal Minister for Industries, Production and Special Initiatives, Jahangir Khan Tareen has said that a task force will be formed soon to develop the steel sector, says a press release issued here on Tuesday. Chairing a high-level meeting of Pakistan Steel Melter Association (PSMA) here on Tuesday, he said the force would be duty bound to arrange certain workshop of international repute to enhance the role of steel sector that would augment country economy.
The president of PSMA informed the minister that 70 percent of steel requirement is met through imports, ship breaking and steel melters. He further said there were about 65 melting units in private sector with melting capacity about 1.5 million tons per year and 350 re-rolling units having production capacity around 2.5 million tons per year.
The president hailed government decision of reducing custom duty from 10 percent to 5 percent that would boost the import of billets, which would result in bridging the gap between demand and supply situation and stability in prices of steel bars and billets. PSMA also demanded a minister active role in providing fiscal and non-fiscal incentives.
Engineering Development Board (EDB) would explore the Iron Ore at Chinote, where the Iron Ore was abundantly available for utilizing in steel sector, Jehangir added.-PR
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