KARACHI: The Pakistan Association of Large Steel Producers (PALSP) is sounding an alarm and calling on the State Bank of Pakistan (SBP) to take immediate action to open letters of credit (LCs) and address the severe shortage of rebars in the domestic market. The situation has reached a critical level, with imports for the first … Read more
The administration announced that import tariffs on steel will remain in place for two years. The international trade secretary stated that protecting steel producers was in national interest. UK Steel previously stated that lifting the import restrictions might result in damage of millions. The administration announced that import tariffs on steel that were set to … Read more
India’s leading steelmaker Tata Steel imported roughly 75,000 tonnes of coal from Russia. Came weeks after vowing to stop doing business with Russia. India silent on Russia’s “special operations” in Ukraine, despite the two countries’ long-standing political ties. Two trade sources and one government source said India’s leading steelmaker Tata Steel imported roughly 75,000 tonnes … Read more
Thousands of South Korean truckers were on strike for a sixth day on Sunday, protesting over pay as fuel costs surge. The protests disrupted production, disrupted port operations, and posed new risks to the global supply chain. Great many South Korean drivers were protesting for a 6th day on Sunday, fighting over pay as fuel … Read more
The United States will temporarily suspend Trump-era tariffs on Ukrainian steel for a year in order to aid the Ukrainian economy and convey a message of support as the nation continues to fight Russia’s invasion. “Steel mills must be allowed to export their steel if they are to remain an economic lifeline for the people … Read more
A Ukrainian official reported Saturday that women, children, and the elderly have been evacuated from the Azovstal steel complex in Mariupol. Hundreds of Ukrainian people sought refuge at the steel mill, Mariupol’s final Ukrainian stronghold, as Russian soldiers besieged the city. The facility has been the subject of a ferocious confrontation between Russian and Ukrainian … Read more
Ukrainian troops are defending the Azovstal steel and iron works in Mariupol, which are now almost entirely occupied by Russian forces. Militaries, marines, and medics are believed to be in bomb shelters beneath the industrial complex. Initially, a bloody battle was expected, with Russian units attempting to locate the remaining Ukrainian forces in the tunnels … Read more
PARIS: Global steel giant ArcelorMittal reported on Thursday a record annual profit for 2021, buoyed by the soaring prices of raw materials after a loss the previous year. Despite a drop in production, the company reported a net profit of $14.9 billion (13 billion euros) following a $733 million loss in 2020. The group lost its … Read more
KARACHI: The National Tariff Commission (NTC) has imposed anti-dumping duty in the range of 6.2 per cent to 17.3 per cent on flat steel products for a period of five years to protect the local industry.steel products According to an announcement on Monday, the anti-dumping duty has been imposed on iron or non-alloy steel, rolled … Read more
Just like the whole world, Pakistan’s economy also showed signs of recovery from the Covid-19 pandemic in 2021 but rising twin deficits and inflationary pressures eroded the gains and made the life of a common man miserable. Unlike 2020, in which lukewarm economic activity was witnessed, the year 2021 remained better for the economy. The … Read more
KARACHI: Irfan Ahmed, an electric generator assembling business owner in Karachi and a Perkins’ authorised distributor, calculates at least 20 per cent decline in his January revenues and predicts a similar trend in the months ahead. “Just in two days, the cost of materials and parts we use surged around 10 per cent because … Read more
LAHORE: The Pakistan Association of Large Steel Producers (PALSP) has rejected the irresponsible statements made by the Association of Builders and Developers (Abad) against the steel sector, dubbing increase in the prices of rebars in the country as a conspiracy against the prime minister’s Naya Pakistan Housing project. The Naya Pakistan Housing Scheme and the … Read more
KARACHI: The International Steels Limited (ISL) has posted a net profit of Rs7.46 billion for FY 2021, translating into the earnings per share (EPS) of Rs17.16, multiple times higher than the profit of Rs494.8 million and the EPS of Rs1.14 in FY20, a bourse filing said on Wednesday. The company declared a final cash dividend … Read more
KARACHI: Amreli Steels Limited has announced a net profit of Rs1.36 billion, translating into the earnings per share (EPS) of Rs4.61 for the year ended June 30, 2021, compared with the net loss of Rs1.24 billion and the loss per share (LPS) of Rs4.18 in the previous year, a bourse filing said on Friday. The … Read more
ISLAMABAD: The Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program (TSCFP) has signed an agreement with the Dubai Islamic Bank Pakistan Limited (DIBPL) to support trade in Pakistan, a statement said. The ADB said it will provide guarantees to help the Dubai Islamic Bank expand its trade finance business in Pakistan. The Trade and … Read more
Pakistan’s stocks have recovered all the losses caused by the COVID-19 pandemic, according to Bloomberg’s data Pakistan’s benchmark index, KSE-100 has performed the 2nd best internationally in the last month. According to the details, it has gained 47% since reaching the lowest this year on March 25. [embedpost id=”50366″ slug=”psx-update-today-stock-shows-a-bullish-trend”] The Arif Habib Ltd’s report … Read more
