AAP reported that Al Tawariqi Steel Mills of Saudi Group of Industrialists will start its production in Pakistan in the coming June of 2009.
Mr Zaigham Rizvi director of projects at Al Tawariqi Steel Mills said that the production capacity of the mills will be 1.28 million tonnes per annum and the first phase of this mega project of direct foreign investment with initial injection of USD 1000 million is near its completion. He added that its management is exploring all avenues to use maximum raw material available in Pakistan, like iron ore from Balochistan.
Mr Rizvi further said that the work on the second phase of Al Tawariqi Steel Mills will be started by middle of 2009 which will bring further big amount of FDI from Al Tawariqi Saudi Group and will comprise various projects aimed at value addition.
Al Tawariqi Steel Mills is located near Pakistan Steel Mills at the industrial estate of Port Qasim.
With commissioning of Al Tawariqi Steel Mills, Pakistan's gap between supply and demand of steel will be significantly narrowed down. For this purpose, the government of Pakistan has already planned for expansion of Pakistan Steel Mills enhancing its production capacity to 3 million tonnes per annum.