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Despite Pakistan raising crude steel production 31% on-year in the March quarter to 1.7 million tonnes, the prevailing domestic market downtrend has impacted local mills’ profitability. Political instability along with surging imported scrap prices and Pakistani rupee devaluation further hurt demand and margins, Kallanish notes. Amreli Steel’s profit after tax (PAT) grew marginally to PKR 531 million ($2.78m) in the March quarter, against PKR 503m a ye…
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