Pakistan has one of the lowest consumptions of steel per capita at 35 kilograms, against 197 kilograms for Middle East, and 71 kilograms for India.
It compares favorably with Africa, which is even lower at 28 kilograms. Steel builds nations; this was the South Korean mantra, which catalyzed its growth. It is the primary raw material for infrastructure development, and industrialization.
Absence of an indigenous steel industry keeps an economy exposed to vagaries of exchange rate and price volatilities, while adversely affecting balance of payments situation. It further slows down infrastructure and industrial development, as any significant volatility in either commodity prices, or exchange rates often leads to significant cost over-runs…Full Story