Amreli Steels Keeps Karachi Plant Closed Amid Economic Challenges

Amreli Steels Limited has announced an extension of the suspension of business operations at its SITE Rolling Mill for another six months, citing ongoing economic challenges.

The decision was made by the company’s Board of Directors at a meeting held on Wednesday.

According to a notice sent to the Pakistan Stock Exchange (PSX), the board reviewed the circumstances that led to the initial suspension and found that the underlying economic conditions remain unchanged. The company stated that a further review will be conducted after six months, and any decision to resume operations will depend on a substantial improvement in the broader economic environment.

Despite the continued closure of the SITE Rolling Mill, Amreli Steels’ Dhabeji facility, which accounts for the majority of its production capacity, remains fully operational. The company assured stakeholders that it is still able to meet current and anticipated market demand.

The notification was issued in compliance with Section 96 of the Securities Act, 2015, and relevant PSX regulations, and has also been shared with the Securities and Exchange Commission of Pakistan.

Amreli Steels is one of the country’s leading steel manufacturers, and the SITE Rolling Mill suspension reflects the ongoing pressures facing Pakistan’s industrial sector amid challenging economic conditions.