Karachi: The government has successfully set up a steelworks industrial plant at Port Qasim, a news source reported. The project, financed by a Chinese bank and a local investor, is a Pak-China joint venture.
According to details, a state-of-the-art laboratory has been installed at the plant, which has been built at a cost of USD 12 million. It also contains a 60-cubic-metre blast furnace; the second such blast furnace after the one installed at Pakistan Steel Mills.
The steel mill has the capacity to produce 8,000 tonnes of pig iron every month that can be increased according to the requirements. At present, at least 4,000 tonnes of crude iron is being produced, which will be used in the production of tractor parts.
Sources close to the development said that the iron produced is also being supplied to Pakistan Railways, which had been importing 3,000 tonnes of crude iron from India to meet its requirements.
