Lahore/Karachi/Islamabad]: The Pakistan Steel Melters Association (PSMA) has sounded the alarm on the crippling impact of high energy costs on the steel melting industry. The association has urged the government to rationalize electricity tariffs for steel melters immediately, as the industry’s survival hangs in the balance.
The steel melting industry, which is a critical component of Pakistan’s steel sector, is reeling under the pressure of exorbitant energy costs. Electricity, a raw material for steel melters, accounts for a significant portion of their production expenses. The existing electricity tariffs have made it increasingly difficult for steel melters to sustain their operations.
“The steel melting industry is facing an existential crisis due to the high energy costs,” said Mian Ahmad Hassan, Chairman, Pakistan Steel Melters Association. “We urge the government to take immediate action to rationalize electricity tariffs for steel melters. This is essential for the industry’s survival and to prevent widespread closures of steel melting units.”
The PSMA has proposed a reduction in electricity tariffs for steel melters, citing the industry’s critical role in promoting economic growth, employment, and industrial development in Pakistan.
“We believe that a rationalized electricity tariff structure will not only help the steel melting industry stay afloat but also contribute to the country’s economic prosperity,” added Mian Ahmad Hassan, Chairman, PSMA.
The association has appealed to the government to take a sympathetic view of the industry’s plight and implement measures to mitigate the impact of high energy costs.