ISLAMABAD, Feb 8: A 16-member committee, consisting of representatives of stakeholders of steel industry (long products), was formed for preparing a road-map for revamping and modernising the industry.

This was decided in a high- level meeting held here on Thursday at the Engineering Development Board (EDB) headquarters.

The industry was advised to address the issues of energy conservation, wastage, smuggling of substandard raw-material, capacity building, improving efficiency and competitiveness to make a mark in the global market.

The industry raised the issue of shortage of raw material and informed that it was running on 60 per cent capacity and called for immediate resolution of the issue.

A representative of the Contractors Association said that the demand of steel was rising rapidly due to economic growth, and with the start of mega-projects, the same will increase manifold.

He added that the association was importing raw material to meet its immediate demands.

Referring to smuggling of substandard raw material, he assured that no member of the association was using it and they have introduced a monitoring system in this regard.

He said that the association had started an awareness campaign against the use of substandard raw material and has held workshops in various cities.

The meeting was informed by the industry that pricing mechanism of Pakistan Steel was adversely affecting the availability of raw material as the imported prices were higher than the prices offered by the Pakistan Steel, therefore, it was not feasible to import raw material.