KARACHI - Pakistan Steel Mills (PSM) has cut down the prices of hot rolled up to Rs 4,000 to Rs 7,000 per ton. The new prices will be implemented from 22nd May, The Nation learnt from the sources. The decision was taken Thursday by the PSM, in the context of declining international prices of steel. The previous price of the hot roll was Rs 45,000 to Rs 50,000 per ton, which would now be Rs 40,000 to Rs 42,000 per ton. Hot rolled have a vast use in the industry, especially in engineering goods, automobiles, domestic appliances, cottage industry, textile machinery and few others. It is pertinent to mention here that PSM is facing low production and sale from last few months, the mill has almost stopped working during last month because of shortage of raw material. The low production rate of PSM is due to number of reasons, one of the reasons that will affect the production and sale of PSM is the favour given by the government on imported steel products and ship breaking, he added. Sources maintained that the government has reduced import duty on finished steel products, similarly, ship-breaking industry has also been granted some benefits. These offers will surely boost the business of these industries but at large this will affect the sales of PSM. So, if sales are low than what would be the purpose of high production. The mill has demanded the government to revoke these orders. The sources revealed that the chairman PSM is in Islamabad, he would discuss the issue of placing tax on the finished steel products that are imported in the country. The source added that now, after huge deficit in the revenue of PSM; government has decided to introduce Rs 4 billion in PSM to improve the poor financial condition of the mill. PSM has now placed new orders for raw material, as internationally the prices of steel have gone down significantly. It is expected that the production of the mill will be increased as the cost of production goes low because of low price of raw material.