South Korean Posco invest $200 million to enhance Tuwairqi Steel Plant Karachi

Islamabad: South Korean Posco company, ranked world’s fourth largest steelmaker will invest $200 million to enhance production capacity of Tuwairqi steel plant in Port Qasim, Karachi, says Chairman Board of Investment BOI Saleem H Mandviwala.

Speaking Friday after meeting with Posco delegation led by its senior vice president P Baek, he said MOU of joint venture between Posco and Tuwairqi will be signed next month in presence of Sindh Government representatives. Joint Venture to produce steel products for automobiles, construction goods will be completed in 2015 with annual production capacity of 2 million tonnes.

Demand and supply gap is met with imports. Demand for steel products is around 8.00 million tonnes annually and supply around 2 million tones, said Chairman BOI.

Baek said Posco will enhance production at Tuwairqi steel plant with aim of winning other such plant deals in Pakistan. He said current steel production of Posco is around 37 million tonnes per annum and in 2010 its revenues stood at $45 billion. Al Tuwairqi Holding is setting up state-of-art steel complex with operational capacity of 1.28 million tonnes per annum of DRI plant in first phase at Port Qasim, Karachi

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