Pakistan cabinet veto to impose temporary regulatory tax on import steel

Published: 23 May 2009 21:45:26 PST

Pakistan cabinet veto to impose temporary regulatory tax on import steel May 22 MetalBiz--It is reported that Pakistan cabinet ECC disagrees to impose 15% import regulatory tax on cold-rolled coil, HRC and galvanized steel plate and so on. ECC pointed out that it is not a long run to protect the domestic industry by means of limiting steel imports. At present it is a key means for PSW to improve the financial condition and competitiveness by cost and expenditure cuts.

Reported that since the global financial crisis, owing to stagnant sales in domestic market and continuous international steel price drops, PSW is unable to compete with the imported steel and the sales, as well as profit present sharp decline. The total loss is 13bln rupees (U.S.$163mln) till the end of March this year. Therefore, PSW requires governments to impose temporary import regulatory tax on the import steel in order to improve its competitiveness and protect domestic steel industry.