KARACHI: Chairman of the Association of Builders and Developers of Pakistan (ABAD) Fayyaz Ilyas, expressing his deep concern over the sudden rise in steel and cement prices, terming it a conspiracy against the Prime Minister’s ambitious Naya Pakistan Housing scheme and the national economy.

Lashing at the cement and steel cartels, chairman ABAD has demanded of the federal government to take stern action against these unscrupulous elements, who are trying to sabotage steps of the government for reviving national economy. He said that despite the fact that most of the raw materials are local, cement and steel manufacturers have raised exorbitant prices of cement and steel to a level of Rs. 625 per 50 kg bag of cement and Rs.126500 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 in 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 steel and cement cartel to save the construction industry and the national economy.


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