Beco Steel halts commercial production amid delays in LCs

MG News | January 13, 2023 at 01:48 PM GMT+05:00

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January 13, 2023 (MLN): The Beco Steel Limited (BECO) has decided to temporarily halt production activities due to delays in Letter of Credit (LCs) approval, a notice issued by company to PSX on Friday showed.

In addition, the company is facing significant reductions in inventory levels, which have a negative impact on the supply chain and production activities, it added.

Therefore, the company decided to shut production from January 16, 2023 and continuing until further level.

At the time of writing, the scrip of the company is being traded at Rs9.21, down by 28 paisa or 2.95% DoD.

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