Tag: Steel

KARACHI - After a long gap of 12 months, the first public offering of 2011 of value-added steel firm, International Steels (ISL), will come to the Karachi Stock Exchange (KSE) this month, the market sources said. At least 61.9 million shares that constitute 14 percent of the capital of ISL would be offered through book building between April 12 and 14 to the institutions and high-net worth individuals at a floor price of Rs 12.9. While some 20.6 million shares (4.7 percent of capital)

LAHORE - Steel Mills won the Touch Rugby Championship that came to an end here on Sunday. President PTRF, MNA Riaz Khan Fatyana, was the chief guest along with Rai Altaf Hussain DIG Shaikhupura District.
In the final, Steel Mills defeated Punjab by 7-0 and held the title once again and in the final of tackle rugby the University of Lahore defeated Khyber PK by 35-15 tri scores. From Pakistan Steel Mills, Abbubakar, Ali Khuram, Asim Shah and Mohammad Aslam performed well

ISLAMABAD - The Pakistan Steel Mills (PSM) should be privatized in a transparent manner if the government is failing to manage its finances, Senate standing committee on industries and production has recommended, adding that PSM was a 'bottomless pit' and no amount of cash can salvage it.
The recommendations came in the report of the senate standing committee on industries and production on "Financial Losses of PSM" which was presented in the Senate on Wednesday. It said PSM

KARACHI - Tuwairqi Steel Mills Limited (TSML), a subsidiary of Al Tuwairqi Holding of Saudi Arabia, and STX Corporation of South Korea have agreed to collaborate in a bid to develop TSML DRI Plant's capacity to produce Hot Briquetted Iron (HBI). The two parties have reached agreement during a recent meeting held at TSML head office where TSML Director (Projects) Zaigham Adil Rizvi and STX Corporation Team Leader Sang-min Han signed a MoM (menmorandum of meeting).
Under this MoM,

ISLAMABAD - Rejecting the Federal Investigation Agency's (FIA) report over the alleged corruption of Rs 22 billion in Pakistan Steel Mills (PSM), the Supreme Court directed the FIA on Monday to arrest the real culprits involved in the scam and submit a report on February 1.
The three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Khalilur Rehman Ramday was hearing a suo motu case against the alleged scam in PSM. The court warned

KARACHI - Pakistan is planning to outsource the management of Pakistan Steel Mills (PSM) to improve inculcate professionalism in the important organisation, which under the present management team is facing a loss running billions of rupees.
Ten international firms mostly from China, Russia and European countries have offered their services to turn PSM into a profitable organisation.
This was said by Federal Minister for Industries and Production Mir Hazar Khan Bijarani,

SYDNEY - Spot coking coal prices have risen around 10 percent in a month and look set to move sharply higher as Asia's steel mills scour the globe for new suppliers to cover production lost to Australian floods.
More than two months of torrential rains in Australia's Queensland state, the world's largest exporter of coal for steel-making, have left collieries underwater, rail lines inoperable and coal ports running at a trickle - if at all.
Spot prices for coking coal are at

KARACHI: "We currently are in the cold commissioning phase; our project will then enter the hot commissioning phase. In March 2011, our plant will commence production with an expected output of 1.28 million tonnes per annum solely reliant upon local raw materials," told TSML Director (Projects) Zaigham Adil Rizvi in an exclusive interview to Pakistan Today.
He revealed that the TSML complex is spread over an area of 220 acres at Bin Qasim and employs the world's most advanced

KARACHI: The Tuwairqi Steel Mills Limited, a subsidiary of Al Tuwairqi Holding of Saudi Arabia, in collaboration with Gresham's Eastern Pvt Ltd, has formally signed a memorandum of understanding (MoU) with three Slovenian companies of the European Union - the IBE, the Turbo Institute and the KIV for indigenised development of alternate/renewable energy projects.
The MoUs were signed at the Sindh Board of Investment's head office. According to these MoUs, the Slovenian

KARACHI: The Chief Executive Officer of Pakistan Steel Mills has claimed that the Federal Investigation Agency would not harass dealers and assured safety if dealers engage in business with the mills.
Imtiaz Lodhi asserted this in a meeting with the dealers of Karachi, while he was trying his utmost to convince dealers to engage in business with the mills. The CEO said he would make sure that the FIA do not harass dealers and is ready to provide surety in writing.
However,