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Exploring iron ore for Pakistan Steel Mills, Chief Executive Officer leaves for Iran visit

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by December 22, 2012 Miscellaneous

Karachi, December 22, 2012 (PPI-OT): Pakistan Steel Spokesman said that PSM CEO leaves for a four day visit to Iran for exploring the ways and possibilities to get iron ore for Pakistan Steel.

The delegation includes PSM CEO Major Gen Mohammad Javed HI-M (Retd.), member board of director and convenor Price committee Engineer. Abdul Jabbar, Member board of Pakistan Steel Nayyar Hussain Bukhari and General Manager Bulk Material Department Pakistan Steel Captain(r)Shamsi Hasan. He said that the main purpose of visit is to finding possibilities for supply chain restoration of iron ore to Pakistan Steel, from Iran.

He added that PSM is facing difficulties from importing iron ore from Australia, Canada, Brazil etc as it takes about 50-60 days long journey, expensive freight rates than a 10-12 day cost effective journey from a neighbouring country.

He said that PSM delegation will meet 5 Iranian companies in this visit and also discuss a way out option through a barter deal for Iranian iron ore with metallurgical coke which is produced by Pakistan steel. He said that the visit agenda also includes discussing the payment for remaining 10% amount of two Iranian companies; blocked due to international sanctions from last two years, as 90% payment was cleared according to the planned schedule, before the sanctions.

He hope that the success of this trade visit will play a great part in Pakistan economy and also support continuous iron ore availability to Pakistan Steel, to achieve its production targets.

For more information, contact:
Pakistan Steel Mills Corporation (PVT) LTD.
Pakistan Steel Bin Qasim
Karachi 75000
Pakistan
Tel: +92 – 21 -9 9264222 +92 – 21 – 34750271
Fax: +92 – 21 -34750156
Email: info@paksteel.com.pk

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