According to sources close to the matter, Tuwairqi Steel Mills Limited (TSML) has discussed the opportunity of further investment of $700 million. Prime Minister’s Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood is personally taking part in the negotiation process. A revival plan for TSML might also be on be table for discussion.
According to sources M/s TSML is seeking relaxation in duty on billets and subsidy on gas. Previous government did not want to extend subsidy to TSML because then other stakeholders would also step forward
Tuwairqi Steel Mills Limited (TSML), a foreign direct investment project of Al Tuwairqi Holding, Kingdom of Saudi Arabia. TSML complex spreads over an area of 220 acres at Bin Qasim, Karachi, and employs the world’s most advanced DRI (Direct Reduction of Iron) technology based on the MIDREX process, owned by Kobe Steel of Japan. The plant, with the capacity to produce 1.28 million tons of high-quality DRI extendable to 1.5 MTPA. The project can produce semi-finished/finished steel products at international quality standards predominantly for phenomenal import substitution (may go upto $.1 billion per annum) and ultimately almost fully meet Pakistan’s strategic needs.
