Director Project Tuwairqi Steel Mills Limited (TSML) Zaigham Adil Rizvi said that Pakistan's largest private sector steel mill will begin commercial production from the first week of January 2013. It will cater to both domestic and international market requirements, he said at a seminar on modern steel production techniques on Monday.

"The setting up of this mega project will draw foreign investors to the country despite the fact that local investors are also shifting their entities abroad because of a poor law and order situation and an ongoing energy crisis,” he said.

The TSML mega project worth over $350 million has been sponsored mainly by the Saudi Arabia-based Al Tuwairqi Company (ISPC) and Posco of South Korea. Rizvi said that the state-of-the-art Direct Reduction Route of Iron (DRRI) making plant would have begun production sooner but the project was put on hold due to a financial crunch. South Korean steel giant, Posco, has invested $16 million to keep this project going, he said.

Rizvi expressed the hope that a revolution of industrial growth is in the offing. He said that TSML is Pakistan's first private sector integrated environment-friendly steel manufacturing project. Moreover, it will serve as a catalyst for industrial growth in the country as steel is vital to economic development, he said.

He further said that as DRI technology is the latest in the world and is being used in developed and developing countries alike, high quality products can be achieved through it. Furthermore, he said that the technology is environment-friendly.

Rizvi said that the TSML's DRI plant, after commercial production, would not only meet the country's steel requirements but would also create job opportunities for technical and skilled labour.

Source: the news