According to foreign media reports, the steel industry expressed opposition to the Pakistani government’s recent proposal to reduce tariffs on imported steel, believing that the move would destroy the industry and cause a new round of unemployment in the country.
Earlier this year, the National Tariff Commission of Pakistan proposed to rationalize the tariffs on imported steel. After being opposed by the steel industry, it is currently facing a delay. The Tariff Commission stated that the proposal will be submitted again after some minor adjustments.
The Secretary-General of the Pakistan Iron and Steel Association Wajid Bukhari said: “Any reduction in tariffs imposed on imported steel will have an impact on the local steel industry and will also trigger massive unemployment across the country. The steel industry produces annually. The value of steel substitution exceeds US$1.2 billion."
Pakistan produced 2 million tons of steel in 2019, and the steel industry directly employed more than 50,000 people.
