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Take stern action against steel cartel; demands ABAD

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Chairman Association of Builders and Developers of Pakistan (ABAD) Fayyaz Ilyas, vehemently rejecting price hike in steel bars just two days before the budget, has demanded of the federal government to take stern action against Steel Manufacturers’ Cartel to save construction industry and Naya Pakistan Housing scheme.

He also demanded to stabilize steel prices through abrogation of Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on steel import.

In a statement, Chairman ABAD said that construction industry was ignored by consecutive governments since seven decades but the present government of Prime Minister Imran Khan, understanding the importance of this industry for economic growth, has announced a special package for the revival of the construction industry in particular and national economy in general.

But, with the restart of construction activities, steel manufacturers’ cartel have raised prices of steel bars- an important component for construction- many times, making construction more and more costly.

Steel manufacturers have raised Rs. 3000 (three thousand rupees) just two days before federal budget 2021-22 taking prices of steel bars to its highest level of one lac 46 thousand five hundred rupees per ton, which is not acceptable, he said.

He demanded of the federal government to abolish Regulatory Duty and Additional Regulatory Duty on import of steel bars to stabilize steel bars price so that construction industry could flourish and the dream of the Prime Minister of constructing 5 million houses for people from lower strata of the society could be realized and national economy could be strengthened.

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