PHOTO: FILEPakistan is all set to go for import substitution in the steel sector as a steel-maker has initiated production of refined low-carbon billets, which are used by the downstream steel industry. The locally produced billets will not only save time and foreign exchange but will also ensure smooth and uninterrupted supplies to the downstream steel sector. “Domestic demand for refined low-carbon quality billets in Pakistan lies between 300,000 and 400,000 tons per year,” said Agha Steel Chief Marketing Officer Suleman Lakhani in a statement. The company aims to manufacture refined low-carbon billets in Pakistan to reduce the country’s reliance on imported steel. “Until now, the downstream industry has relied heavily on expensive imported raw material,” he pointed out.

Source: The Express Tribune September 29, 2020 03:06 UTC