Karachi, October 9, 2025 – International Steels Limited (ISL) on Thursday released an official statement in response to the monetary penalty imposed by the Competition Commission of Pakistan (CCP).
In a filing to the Pakistan Stock Exchange (PSX), International Steels confirmed that it has taken note of the CCP’s order and is currently reviewing the details of the decision. The company stated that it will take “appropriate legal steps as needed” following a thorough examination of the case.
The CCP on Wednesday announced penalties amounting to Rs1.5 billion against Aisha Steel Mills Limited (ASML) and International Steels Limited (ISL) after finding both companies involved in cartelization and price-fixing — violations of Section 4 of the Competition Act, 2010. The CCP Bench, led by Chairman Dr. Kabir Ahmed Sidhu and Member Bushra Naz, imposed fines of Rs648.3 million on ASML and Rs914.2 million on ISL.
The CCP’s inquiry found that the two steels manufacturers had jointly fixed flat steel prices and exchanged commercially sensitive information, contributing to an average 111% rise in market rates over three years. This manipulation, the CCP noted, distorted competition and placed undue financial pressure on downstream industries and consumers.
The order further emphasized that flat steels play a crucial role in Pakistan’s construction, automotive, and appliance sectors. Any artificial increase in steel prices, the CCP warned, could have far-reaching consequences for the broader economy.