Saturday , August 19 2017
Home / Agri News / Mega steel project to help attract FDI: TSML

Mega steel project to help attract FDI: TSML




  •  

    Tuwairqi Steel Mills Limited (TSML), a private sector entity, is ready for commercial production in the first week of January 2013 that would not only cater the steel needs of the country but would be able to export value-added products. 

    TSML Director Project Zaigham Adil Rizvi revealed this while speaking at a seminar here Monday. He said the setting up of such a mega project would entice foreign investors in the country despite the fact that local investors are also shifting their entities abroad because of bad law and order situation and energy crisis. The TSML mega project of over $350 million is mainly sponsored by Saudi Arabian-based Al Tuwairqi company (ISPC) and Posco of South Korea. 

    Chief Executive Officer Engineering Development Board Qazi Abdadullah. EPZA Chairman Saadat Cheema, POSCO Resident Director Young-Ho Yoo, Punjab Health Minister Khawaja Sulman Rafique, Nespak Vice President Iftikhar Qazi, Banu Mukhtar CEO SM Assad, Izhaar Group CEO Marghoub, Shajarpak MD Khawaja Usman, Midrex Commissioning Managers Paul Jaimungal Singh and Waddington Stawrt Godfrey also spoke on the occasion. 

    Zaigham Adil Rizvi, said this state-of-the-art Direct Reduction Route of Iron Making plant would be starting commercial production but financial crunch put the project so late. Posco – South Korean steel giant – has invested $16 million to make this mega project keep going. He hoped that a revolution of industrial growth is in the offing as Tuwairqi Steel Mills is ready for commercial production in coming January. He said that TSML is Pakistan’s first private sector integrated environment-friendly steel manufacturing project. 

    Zaigham Rizvi said that TSML will serve as a catalyst for the industrial growth in the country as steel has basic and vital role in the economic development of any country. He further revealed that as DRI technology is the latest in the world and is being used in not only developed countries but also in our region like Iran and India, so consistent highly quality of product can be achieved through this state-of-the-art technology, he said adding that this technology is environment-friendly. 

    He further said that TSML’s DRI plant, after commercial production, would not only meet country’s steel requirements but would also create job opportunities for technical and skilled labour force for local people. He said that his team along with Posco delegates has started searching raw material in Balochistan and hoped that they would not spend huge foreign reserves in importing raw material rather they would use the local material. He claimed that country’s workforce, especially the youth, is not only dedicated and committed but also hard work, so the future of Pakistan is very bright. 

    Pakistan’s largest steel capacity of 1.28 million tons per annum plant would not only cater country’s requirements but also provide job opportunities to skilled and unskilled people who are being loomed by terrorists. He said it is fortunate that other countries including Korea wanted to purchase total production of TSML but TSML management has decided in principal that we would prefer to distribute all our products within the country and in this regard we have selected Lahore-based Shajarpak company as our sole distributor. 

    Khawaja Usman of Shajarpak said that currently Pakistan is depending on imports for the production of heavy mechanical structures and engineering goods but after producing high-quality steel at TSML plant, Pakistan would be able to manufacture such heavy equipment locally, he added. He was of the view that India is giving more importance to its industrial sector while concerned authorities in Pakistan are least bother in this regard. He, however, hoped that with the production of TSML plant an industrial revolution would come in the country. He hoped that raw material from Balochistan would help steel industry to sell its products on low price, he added. 

    Copyright Business Recorder, 2012

     

    About admin

    Check Also

    OVERCOMING A MENTAL ROADBLOCK FOR USING PLANT BREEDING SOFTWARE

    Report Issue: * Suggest Edit Copyright Infringment Claim Article Invalid Contents Broken Links Your Name: …

    Leave a Reply

    Be the First to Comment!

    Notify of
    avatar
    wpDiscuz