Al-Tuwairqi Group sets up $200 million steel mills project in Pakistan
Last Update: 24/08/2005 15:55:49 Mena Report - Al-Tuwairqi Group of Companies (ATG) of Saudi Arabia is establishing Tuwairqi Steel Mills project at Bin Qasim, Karachi. The steel mill will have a capacity of one-million-ton per year and will be set up at an estimated cost of $ 200 million. This was disclosed by Hilal Hussain Al-Tuwairqi, Chairman Al-Tuwairqi Group who called on Pakistani Prime Minister Shaukat Aziz on Tuesday. "Due to growing economy our demand for steel is rising and there is a great potential for investors to exploit Pakistan's growing market," Aziz said, according to IRNA. The Chairman Al-Tuwairqi Group said that his company is keen to make investment in other areas as well and that is impressed by the incentives and the conducive economic climate in Pakistan. He said that his company will make an investment of $ 30 million to lay down a line for supplying electricity to the steel mill from the National Grid. The steel mill will employ 1,000 people, he said adding that it indirectly benefits 2500.
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