ISLAMABAD: The Pakistan Steel Re Rolling Mills Association (PSRMA) in a press release on Wednesday highlighted the practices adopt by steel melting industry and ship breaking industry to make exorbitant profits.
PSRMA members are ultimate user of the products made by melting industry which is ingots and billets and ship platesobatained from breaking vessels. From these raw materials, steel re rollers make bars used for construction, angles, channels, girders and other construction steel products.
These two industries that is melting and ship breaking who are in hand in hand internally and show that they are rivals to the general public make hue and cry unnecessarily and urge Government to stop import of quality raw material at an affordable price.
The other raw materials that can be used in re rolling industry are imported billets and re rollable scrap, but they after making cartel are making arrangements with FBR that imported material, on which the re roller pay more taxes than these two groups, are fully documented, increase in revenue for Government, perfect standard quality and easily available from across the world should be blocked and made that expensive that the re roller will pay for their in efficiencies and they make exorbitant profits.
In a recent development to black mail the government, the ship breakers in a meeting held in their office stopped all deliveries to re rolling mills so that they can black mail and harass re rollers who have no option left but to buy from them only at their terms and conditions and price as their justified source of raw material which is imported billet and re rollable scrap are made so expensive due to introduction of regulatory duty and other malafide news in media and their mills are on the verge of closure due to non supply of ship plates from ship breakers and melting industry.
PSRMA urged FPCCI, FBR, Finance Ministry and ministry of Industries to take notice of these malpractices being done by steel melting and ship breaking industry. The PSRMA has also approached competitive competition in this context as well.