The uncertainty on political horizon and upsurge in the period of power outages during the current year has affected all sectors of the industry in Pakistan and the stainless steel is one of the worst victims.
It said that more than 50% business of the stainless steel industry has declined in the country because of increase in prices of raw materials.
Mr Ghulam Hussain president of All Pakistan Stainless Steel Traders told reporters that the main stainless steel sheets selling units are located in Karachi, Sialkot, Lahore and Gujranwala. He said that over 500 such units were functioning in Gujranwala alone where traders were importing around 5,000 tonnes of steel sheets every month from Japan, China and other European countries. Mr Hussain said that these units processed the stainless steel sheets and then supplied these to the surgical and other industries in Sialkot.
He said the prices of raw materials had registered a 30% increase due to prolonged power load shedding and political instability in the country, affecting badly their business.
He also urged the federal and provincial governments to take urgent measures to save the stainless steel industry from crumbling.
Source: The Dawn