There is a slump in Lahore and other parts of the country as 50 per cent of furnace and steel rerolling mills in the city have been closed, reported 24NewsHD TV channel on Monday.

The reason for the closure of these mills is the lack of demand for steel products in the market.

Steel was melted at these mills to produce TR, iron bars, garder and other products.

Presently, local iron bars cost Rs185,000 per ton while the branded ones Rs225,000 per ton.

Reporter: Shahzad Khan Abdali