Grade-80 steel bar will boost construction industry, contribute to wealth creation: Shibli
ISLAMABAD – Federal Minister for Science and Technology Senator Shibli Faraz Thursday said that the first-ever Grade-80 steel bar launched on Thursday will give a whole new direction for the construction of high rises and China-Pakistan Economic Corridor (CPEC) projects.
He was speaking at the launching ceremony of the first-ever Grade-80 steel bar which is the strongest steel bar in Pakistan, at a local hotel.
Shibli Faraz said that through such initiatives, good times are coming for the government and for the people of the country. He said that it will contribute to the country’s imports and wealth creation.
He said that an extensive research study was conducted in collaboration with National University of Science and Technology (NUST) and NESPAK resulted into FF Grade-80 to be the most economically feasible and beneficial steel bar in Pakistan.
It was for the first time in Pakistan that industry, consultancy and academia joined hands for a major industrial breakthrough by bringing revolutionary steel product – Grade 80 steel bar.
Speaking on the occasion, Chairman FF Steel, Nauman Wazir Khattak said that Grade-80 steel will change the landscape of the construction industry through the industrial revolution and economic growth said.
The product will have a significant effect on the current account deficit. Given 13% less usage in construction and up to 10% cost-saving while using Grade-80 in comparison to Grade-60, it will considerably narrow down the current account deficit.
MD NESPAK Tahir Masood said Grade-80 will be of great benefit for the construction of bigger projects and high rises provided the higher strength and reduced cost.
FF Steel is one of the leading and fastest-growing steel manufacturing companies in Pakistan.
After over 30 years of growth starting with the first plant in Peshawar and then a second plant in Lahore, now the company is moving towards the final stage of IPO by the end of 2021, which is expected to be the largest IPO in history of Pakistan’s Steel Sector.
Minister of Railways, Senator Azam Swati, MD NESPAK, Dr. Tahir Masood, Pro-Rector NUST, AVM Dr. Rizwan Riaz, Pakistan Engineering Council Chairman, Muhammad Najeeb Haroon, Senator Sajjad Hussain Turi, Senator Daud Khan, Senator Taj Muhammad Afridi and Senator Sana Baloch also attended the ceremony.