The Daily Times reported that the under construction cold rolling complex of Aisha Steel Mills at Karachi will start production in 2009.

Mr Haseeb-Ur-Rehman CEO of Aisha Steel Mills told Daily Times that “Metal One Corporation will have 26% stake and Japan based Universal Metal Corporation, Arif Habib Ltd would have 25% stake in the venture being established at Karachi with a cost of USD 100 million.”

Mr Heseeb said that “The plant is expected to be completed in two years and it will have an initial capacity of 220,000 tonnes per annum. The capacity of the mills will be later increased to 350,000 tonnes.”

He added that “After setting up of Aisha Steel Mills, the local auto assemblers would get a relief as the mills would especially produce steel to help local auto industry. The steel mills will cater to the growing demand of cold rolled coils in the country and will satisfy the demand of the automotive and engineering industries, as well the home appliances sector.”

Haseeb remarked that set up of the mills in Karachi would be the largest plant of its kind in the country in terms of producing value added cold rolled coils sheets.

Annual demand for CR in Pakistan is about 450,000 tonnes, most of which is met through imports. , analysts said. Aisha Steel Mills would be the second Pakistani firm to manufacture CR after the state run Pakistan Steel Mills.