Amreli Steels stops all production facilities

Amreli Steels stops all production facilities

KARACHI: Amreli Steels Limited on Wednesday announced to shut down all production facilities with immediate effect for about 20 days.

In a communication sent to Pakistan Stock Exchange (PSX), the company informed about the shutdown of its plants.

“The company has decided to shut down its plants for twenty days owing to low demand of steel bars in the country due to unprecedented monsoon and flash floods witnessed across the country,” the company said.

Consequently, no manufacturing will take place from August 31 to September 19, 2022.

The resumption of operations or further extension in production suspension (as the case may be) will be communicated accordingly, it added.

The company stated that this information was being conveyed in accordance with the requirements of Regulations of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.