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High steel prices hit engineering industry
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Did you know Trivia - KARACHI: The local engineering industry is feeling the heat in the wake of soaring steel prices, driving up its cost of production and lowering profit margins.

The industries, which use steel as a basic raw material, are now fast becoming unable to compete with international competitors, especially India, due to high input cost. However, India is still getting raw material on lower rates.

Korangi Association of Trade and Industry (KATI) Chairman Shaikh Fazl-e-Jalil told The News over phone due to high steel and cement prices, the construction industry was facing difficulties, which in turn put many industries producing construction-related steel products in trouble and some were on the verge of closing their operations.

China and Taiwan are selling their products in Pakistan at competitive rates while the local industry is not in a position to control the rising cost of production. Spare-parts’ manufacturing industries are facing problems with rising steel prices in the country.
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Friday 9 May, 2008 12:03 AM
 
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