POSCO would invest $ 200 million to expand the production capacity of Tuwairqi steel plant in Port Qasim Karachi: Chairman Board of Investment
Islamabad: M/s POSCO Ltd South Korea and M/S Tuwairqi Tuwairqi Steel Plants would sign a MoU today at 7PM in the presence of Chief Minister Sindh Mr Syed Qaim Ali Shah, in Karachi. Saleem H.mandviwalla MOS/Chairman Board of Investment, Dr. Al- Tuwairqi Chairman Tuwairqi Holding and Chairman POSCO Mr. Joon-yang Chung would also be present in the signing ceremony.
Talking to the media, MOS/Chairman Board of Investment, Saleem H.mandviwalla said that South Korea’s POSCO, the world’s number four steelmaker, would invest $200 million to expand the production capacity of Tuwairqi steel plant in Port Kasim Karachi.
In this regard, an MOU of joint venture between Posco and Tuwairqi would be signed in the presence of Chief Minister Sindh Mr Syed Qaim Ali Shah today. $200Million investment of POSCO in Pakistan is a sole initiative of Board of Investment and we were working to mature the contract more than a year. Such an intuitive opens the new avenues of investments in Pakistan and will also restore the trust of investors to invest in the country.
In a predated statement the Chairman Al- Tuwairqi and Chairman POSCO appreciated the role of Board of Investment and the personal efforts of MOS/Chairman BOI, Saleem H. Mandviwalla to make this great Joint Venture happen between the two giants of steel industry.
The JV of the companies to producing steel products for automobiles and construction goods is set to be completed in 2015 with an annual production capacity of 2Million tones. POSCO in Pakistan is a great success not only in monitory terms but its position as a technology leader in the steel sector from which Pakistan can benefit to a larger extent.
The gap between demand and supply is met through imports and the demand for steel products is around 8.00 million tonnes against the supply of around 2 million tonnes, said by MOS/Chairman BOI.
Both POSCO South Korea and Al Tuwairqi Holding of the Kingdom of Saudi Arabia (the parent company of TSML) are in the steel business. POSCO is in steel business for the last four decades whereas Al Tuwairqi is in steel business since late 1980. Al Tuwairqi Holding is establishing a state-of-the-art steel complex with an operational capacity of 1.28 million tons per annum of DRI plant in first phase at Port Qasim, Karachi.
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