Al Nassr crash out as Kawasaki Frontale reach AFC Champions League Elite final    Saudi and Jordanian foreign ministers discuss Gaza situation    HR Ministry approves regulations for job ads and interviews in private sector    Will US tariff hikes affect Saudi Arabia? Kingdom largely insulated as oil exports remain exempt and non-oil sectors gain a pricing edge    Mataf nearly empty as entry to Makkah restricted to Hajj visa holders    Cinema revenues account for SR845.6 million in 2024 17 Saudi films among 504 films screened    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Mawani and Alissa Universal Motors sign agreement worth SR300 million to establish Logistics Zone at King Abdulaziz Port in Dammam    4 Chinese nationals arrested in Makkah for promoting fake Hajj campaigns    Saudi Arabia urges India and Pakistan to de-escalate tensions    Trump congratulates Canada's Carney as they agree to meet in 'near future'    Sánchez vows to uncover reasons behind massive Iberian power outage    Al-Khereiji at BRICS: Saudi Arabia a reliable and neutral partner in endeavors for de-escalating tensions    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    Saudi market shows resilience in Q1 2025 despite global volatility: Report    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tuwairqi Steel production to begin by Q4
Published in The Saudi Gazette on 22 - 07 - 2010

Saudi-owned Tuwairqi Steel Mills Limited (TSML) aims to start production by the beginning of the fourth quarter and grow to eventually become Pakistan's largest steel producer, a TSML executive said on Tuesday.
In its first phase, TSML's Karachi-based plant is targeted to have a production capacity of 1.28 million tons per year of direct reduced iron, which is used to make steel, Zaigham Rizvi, TSML director of projects, told Reuters in a telephone interview.
“The construction of the plant took about three years and there was a nine-month delay due to finalizing procedures, but now construction is 95 per cent complete and we are ready to start production in Q4,” said Rizvi, adding that full capacity would be reached within a year's time. State-owned Pakistan Steel is currently the largest operating steel mill in the country with a capacity of 1.1 million tons per year. “We will be overtaking the title of the largest producer once we are operating at full capacity, but there is still so much room for growth in the market,” said Rizvi.
TSML is fully owned by Saudi-based Tuwairqi Holding, which also owns one of the largest private sector steel mills in the Kingdom. The first phase of TSML cost $275 million and was fully financed by Tuwairqi Holding, including 65 per cent through debt.
“In the second phase of the project we plan to produce finished products such as slabs and billets, and this will be completed by 2012 and will cost around $275 million,” Rizvi said.
The firm is also looking at opportunities for iron ore exploration in Pakistan's Baluchistan and Punjab provinces, he added. “But for now we will be buying the ore from Bahrain.”
Pakistan's annual demand for steel is around 8.4 million tons, while production is 4.9 million tonnes per year, said Rizvi.
“TSML will be playing a pivotal role in bridging the gap between the demand and supply of steel in Pakistan, but we still plan to export 50 percent of our production to India and the Middle East,” he added.


Clic here to read the story from its source.