New steel mill

Karachi: The first phase of construction of the second steel mills in Pakistan being set up by Saudi investors Al- Tuwairiqi Group of companies in Karachi was launched on Wednesday near Port Qasim adjacent to Pakistan Steel.

The first phase of the mills, with 1.28 million tons per annum capacity, is scheduled to be completed in the next 15 months at a total cost of $197 million, says a fax release of the Tuwairqi Steel Mill.

The second phase will involve setting up of a shop by 2010 at a cost of 300 million dollars and the plant will start making billets.— The production capacity can be expanded from 1.28 million tons to 1.5 million tons in near future.

The chairman of Pakistan Steel, Maj-Gen (retd) Mohammad Javed attended the ceremony as guest of honour and assured of all help to the sponsors of the project.