Pakistani steelmaker Agha Steel Industries (ASIL) will supply 100,00mt of low-carbon billets annually, worth Rs10.5bn, to Horizon Steel after the two companies signed a Memorandum of Understanding (MoU), stated media reports. 

 

ASIL’s low-carbon quality billets are used in the wire rod industry. The company uses the European electric arc furnace technology to produce billets, a transitional steel product that can be turned into steel bars used in construction or transformed into wire rods. This would also result in import substitution and encourage domestic production.

 

ASIL expects the sales to grow by 68pc from the current level within a year. The company had recently ramped-up its annual billet making capacity to 450,000mt from 250,000mt.

 

 

($1 = PKR 165.87)

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