Economic distress in country
Crescent Steel and Allied Products Limited, a Pakistani conglomerate, has decided to shut its cotton division due to country's economic situation
The company, which operates in five segments (steel, cotton, Investment and Infrastructure Development (IID), energy and Hadeed (billet)) shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“Due to current economic situation prevailing in the country, shortage of raw cotton, withdrawal of Zero Rate Industry status and reduction in demand for the company’s products, the management has decided to shutdown its cotton division plant operations temporarily with immediate effect till further notice,”