International Steels Limited plans to rise as much as PKR 3 billion through public offering.

It was disclosed at ISL’s inauguration ceremony by Mr Towfiq Habib Chinoy MD of the company.

Earlier, the PKR 8.7 billion steel mill was inaugurated by Mrs Almas Chinoy wife of the late Mr Amir Chinoy who was the founding MD of International Industries Limited. The inauguration ceremony was also attended by Mr Kazuhisa Togashi senior MD of Sumitomo Corporation, Mr Takashi Okabe executive assistant and GM of JFE Steel Japan, Mr Kluas Grimm senior specialist at SMS Siemag and representatives from the International Finance Corporation.

ISL has been established to engage in the business of manufacturing cold rolled coils and hot dipped galvanized Coils. The facility spread over an area of 32 acres in Landhi, Karachi is equipped with state of the art technology to manufacture CRC and HDG. The company has achieved commercial operations in January 2011.

Pakistan’s demand for cold rolled coils is estimated at more than 500,000 tonnes per annum. Local production for cold rolled coil is estimated at 70,000 tons by Pakistan Steel Mills and 40,000 by IIL catering to 14% of the domestic demand. The balance requirement is currently being met through imports. Similarly demand for HDG Coils in the country during 2009-10 was estimated at 300,000 tons. Out of this, Pakistan Steel Mills supplies a meager 30,000 tonnes while the balance is imported.

International Finance Corporation and Sumitomo Corporation of Japan have already invested in ISL underlining the strategic importance of ISL in the steel industry. Further, ISL will benefit from Sumitomo’s participation by getting expertise in the areas of maintaining highest quality standards, cost management, inventory procurement and resource management.

International Industries Limited the sponsor of ISL is a premium producer of steel tubing and galvanized pipes in the country. Pakistan Cables is part of the group which is a prominent manufacturer of cables and wires.