Offici­als say steel import is eating into foreig­n exchan­ge reserv­esLAHORE: Irked by the miserable state of affairs at the Pakistan Steel Mill (PSM), the Lahore Chamber of Commerce and Industry (LCCI) has urged the government to take immediate steps for its revival. In a statement issued on Wednesday, LCCI President Malik Tahir Javed, Senior Vice President Khawaja Khawar Rasheed and Vice President Zeshan Khalil said that the depressed condition of the mill is a matter of concern. The corporation was once a highly profitable public sector enterprise and the largest steel producer in the country, but is now on the verge of collapse due to negligence. The officials said that due to almost zero production at PSM, the domestic industry is relying on imported hot rolled, cold rolled and galvanised steel and huge foreign exchange is being spent for this purpose. Citing annual losses worth Rs600 billion caused by PSEs, they demanded the government take measures on war footing to make these organisations profitable.

Source: The Express Tribune November 30, 2017 04:41 UTC