Karachi: A new plant of International Steels Limited (ISL) has started functioning in Karachi, increasing the mill’s cold-rolling capacity to 1 million tonnes, stated a news report. As per a report by Pak-Kuwait Investment Company AVP Research Adnan Sami Sheikh, the ISL competitor Aisha Steel’s expansion was due in 2019, but this new plant has allowed the ISL to become Pakistan’s largest producer of cold-rolled products.
According to Sheikh, as Pakistan doesn’t produce iron, 9% of its imports are of steel and steel-related products. The ISL’s expansion is expected to bridge the gap between the country’s increasing steel requirements and domestic capacity. The overall import bill which stands at USD 50.7 billion can be significantly brought down.
Apart from this, the ISL will also be eligible for a 10% tax credit for its PKR 5.6 billion investment, which will add to the tax base.
