ISLAMABAD:The State Bank of Pakistan (SBP) is still refusing to open Letters of Credit (LCs), which has forced many steel companies to close their doors and resulted in significant job losses across the industry.
The delay in opening the LCs, according to Wajid Bukhari, Secretary General of the Pakistan Association of Large Steel Producers (PALSP), has resulted in a severe shortage of raw materials, which has caused production delays and financial losses for businesses.
Industry estimates indicate that Pakistan’s steel industry directly employs more than 200,000 people and has a production capacity of more than 5 million tons per year.
However, the crisis has compelled numerous steel businesses to cut back on production or even shut down.
decrease in output According to reports, there are currently 5,700 containers
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