Aisha Steel commences expansion plans
KARACHI – Aisha Steel Mills Limited (ASML), an Arif Habib Group Company, has laid out plans to expand its capacity to a total of 700,000 tons per annum from its current capacity of 220,000 tons.
Chairperson Sindh Board of Investment, Naheed Memon presided over a ribbon-cutting ceremony at Aisha Steel Mills Limited, Saturday, to mark the start of construction of the company’s expansion plans.
Addressing the ceremony, Chairperson SBI Naheed Memon said, “Initiation of expansion of Aisha Steel Mills reflects the confidence investors have in Sindh and Pakistan, strengthening our resolve to continue on this path of progress. We are seeing expansion and new projects in almost all areas of manufacturing in Sindh. The Board of Investment is committed to facilitate industrial investment in the province of Sindh which has the best infrastructure for setting up industries.”
Dr Munir, CEO, ASML, said, “Our product mix, subsequent to the completion of expansion, will include 450,000 tons of Cold Rolled Coils (CRC) and 250,000 tons Galvanized Coils. The project is progressing on schedule and we are targeting phase wise production to commence from the second quarter of the next financial year.”
On completion of expansion, ASML is expected to contribute over Rs10 billion to the revenues of the government and save precious foreign exchange in excess of $ 500 million every year. ASML will also generate jobs by providing employment to approximately 1000 people.