South Korean steel giant POSCO is all set to sign MoU with Tuwairqi Steel Mills Limited on Saturday, September 10 to expand production capacity of Tuwairqi steel plant at Port Qasim in Karachi.

Mr Saleem H Mandviwalla told APP “POSCO, the world’s number four steelmaker, is investing USD 200 million to expand the production capacity of Tuwairqi steel plant in Port Qasim Karachi.”

He said that initially POSCO would be taking 15% stake in Twarqi and gradually it would be moving to have major stakes in it.

The joint venture of these two companies to produce steel products for automobiles and construction goods is set to be completed in 2015 with an annual production capacity of 2 million tonnes.

Al Tuwairqi Holding is establishing a state of the art steel complex with an operational capacity of 1.28 million tonnes per annum of DRI plant in first phase at Port Qasim.

(Sourced from app.com.pk)