LAHORE, Nov 8: The Pakistan Steel Re-Rolling Mills Association (PSRMA) has urged the government to ensure availability of quality raw material at affordable prices and exempt the steel industry from 35 per cent letter of credit (LC) margin on import of raw material.

The demands were voiced at the annual general meeting of the PSRMA at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday with Mian Tariq Waheed in the chair.

PSRMA members said continuous supply of power and gas to the steel industry could help put economy back on the track. They urged the government to reduce power tariff and eliminate sales tax on gas.

They said withholding tax at the rate of 3.5 per cent on sale/supplies and 10 per cent advance tax should be withdrawn. They said inconsistent, unjustified and drastic changes in the pricing and distribution policy with respect to billets by the Pakistan Steel Mills were causing shockwaves and distortions in the market. They sought a special procedure for collection of income tax.

At the meeting, Muhammad Latif Chaudhry was elected PSRMA chairman for the next term, while Muhammad Hanif and Irshad Mowjee were elected vice-chairmen for Lahore circle and Karachi circle, respectively. Mian Tariq Waheed, Mian Muhammad Saeed, Mian Arif Mehmood, Muhammad Shoaib and Khalid Javed were elected executive committee members for Lahore circle and Ghulam Ali Bhattia, Hanif Jewani, Masood Sadiq and Ali Asghar were elected executive committee members for Karachi circle.