The steel industry is opposed to the Pakistani government’s recent proposal to reduce tariffs on imported steel, arguing that the move would destroy the industry and cause a new wave of job losses in the country.
Earlier this year, Pakistan’s National Tariff Commission recommended rationalizing tariffs on imported steel, and after opposition from the steel industry, which is now facing an extension, the commission said the proposal will be put forward again with some minor adjustments.
Pakistan Steel Association Secretary-General Wajid Bukhari (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 nationwide. The steel industry produces more than $1.2 billion worth of steel replacement annually.”
Pakistan produced 2 million tons of steel in 2019, and the steel industry directly employs more than 50,000 people.