ABAD terms hike in steel, cement prices as conspiracy against Naya Pakistan Housing

ABAD terms hike in steel, cement prices as conspiracy against Naya Pakistan Housing

KARACHI: Association of Builders and Developers (ABAD) on Tuesday expressed concerns over sudden rise in prices of steel and cement, the basic raw material for construction industry, and termed it as a conspiracy against provision of affordable housing scheme launched by the government.

Fayyaz Ilyas, Chairman, ABAD in a statement expressed deep concern over sudden increase in steel and cement prices.

The ABAD chairman demanded the federal government to take stern action against these unscrupulous elements, who are trying to sabotage steps of the government for reviving the national economy.

He said that despite the fact that most of raw materials are local, cement and steel manufacturers have raised exorbitant prices of cement and steel to a level of Rs625 per 50 kg bag of cement and Rs126500 of steel per ton, which is no way justifiable and it looks that cement and steel manufacturers cartels are hell bent upon to crush the construction industry.

He said that cement and steel are main ingredients of construction but manufacturers of these two materials are busy minting money without any justification and the Competition Commission of Pakistan looks helpless to take any stringent steps against these cartels, he added.

Fayyaz Ilyas said that the construction industry is the second largest job providing sector after agriculture that is the reason why Prime Minister Imran Khan is giving due importance to this industry and has started Naya Pakistan Housing scheme for those people who otherwise are unable to own their dream home.

But, he lamented that steel and cement cartels are trying to sabotage a noble cause of the Prime Minister and dent the national economy.

He appealed the government to take stern action against the steel and cement cartel to save the construction industry and the national economy.