“There is no doubt things are gearing up for the steel industry. We’ve seen a significant increase in demand for steel after the Covid-19 lockdown restrictions were lifted. We expect demand to increase phenomenally as new infrastructure, commercial and housing projects start,” Hussain Agha, chief executive officer (CEO) of Agha Steel Industries, said in an interview.
The current demand for construction materials is driven mostly by increased public sector spending on infrastructure development, and the resumption of water storage and power projects being financed through Chinese loans under the China-Pakistan Economic Corridor initiative. The amnesty scheme that allows individuals to invest their money with no questions asked in the real estate and housing sectors is also fueling steel demand.
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