Islamabad: According to a media report released on August 17, the government has decided to work on developing a steel strategy in September 2021 that would provide incentives and long-term funding to the steel industry for the next 10 to 15 years.

Read More: CCoP approved ‘Scheme of Arrangement’ for Pakistan Steel Mills’ revival

On August 16, the Pakistan Association of Large Steel Producers (PALSP) met with Makhdum Khusro Bakhtyar, the Federal Minister for Industries and Production. Senior officials from the Ministry of Industries and Production, as well as Advisor to the Prime Minister on Commerce and Investment Razzak Dawood, were present at the meeting.

The federal minister was briefed on the country’s total and installed capacity, as well as production of steel units, during the meeting. Representatives from the steel industry briefed conference attendees on the costs of steel bars and scrap. Furthermore, the discussion addressed concerns about the steel industry’s incentives in ex-FATA/PATA locations.

Furthermore, PALSP members advocated a tax credit for the purchase of steel bars for the Prime Minister’s low-cost housing project, which would boost the local market. Furthermore, because of the high quality of steel bar manufacture, the officials hinted at significant export demand for steel-related products.

Read More: Increase in steel bar prices, raises construction cost

The government, according to Federal Minister Makhdum Khusro Bakhtyar, is working on a long-term framework for the steel industry that will allow producers to satisfy rising demand. He went on to say that structural reforms were necessary to make Pakistan’s steel sector globally competitive. According to the minister, the policy will cover the exploitation and extraction of iron ore in accordance with the Prime Minister’s vision. He went on to say that the steel program would create jobs for locals while also lowering raw material import costs.

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City or Blue World City Islamabad.