<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We expect TSL Steel Universe LAT to clock-in at PKR 1.2Bn,
down 25%QoQ mainly due to lower construction demand and underutilization of
PSDP. Albeit, increase in retention prices, decline in finance cost (14%QoQ) on
account of lower interest rates and improvement in sales from flat steel
players i.e. ISL in Steel universe (surge in Automobile industry sales by
15%QoQ) are likely to improve profitability for the steel players.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Moreover, AGHA and ASTL to get some relief in the form of
tax reversals for the quarter. Further, Universe gross margins to arrive at 7%,
up 1pptsQoQ due to better retention prices for Re bar. However, the industry is
currently facing ...
