Pakistan: Steel mills knock govt door for LC openings

ABSTRACT
Pakistani steel manufacturers are pleading with the government to extend help by providing letters of credit (LCs) for scrap imports despite steel mills operating at 35-40% capacity utilisation levels.

Mills have no option but to hike steel prices amid acute liquidity crunch resulting in finished steel selling pressure. Mills are required to pay electricity bills that are due from the last 8-10 days. The nation has limited foreign reserves and government projects remain stalled, with negligible construction activities being