ABAD Expresses Concern Over Increase In Steel, Cement Prices

Chairman, Association of Builders and Developers of Pakistan (ABAD), Muhammad Hassan Bakshi Monday expressed concern over the increase in steel and cement prices

KARACHI, (UrduPoint / Pakistan Point News - 22nd Jul, 2019 ) :Chairman, Association of Builders and Developers of Pakistan (ABAD), Muhammad Hassan Bakshi Monday expressed concern over the increase in steel and cement prices.

In a statement here on Monday, he alleged that steel and cement manufacturers had cartelized and were making undue profits, which was damaging the construction industry. The industry was providing jobs to more than 2.5 million skilled, semi-skilled and unskilled workforce of the country as it was the second largest job provider after agriculture, he added.

ABAD Chairman said about two months back the steel bars were being sold at Rs95,000 per ton and cement at Rs 550 per 50 kilogram bag.

But, now steel and cement were being sold at Rs 120,000 per ton and Rs 700 per 50 kg bag respectively, he added.

He requested the government to take stern action against cement and steel cartels as they were causing huge losses to the national economy by discouraging activity in the construction sector.

"Government should take swift action through Competition Commission of Pakistan to stop cartelization of cement and steel as this menace mars business potentials and inflicts losses to the common man," he said.