Century steel, an entity of Fuzhou Julitaihe International Company of China, plans to invest $360mn in Rashakai Special Economic Zone in Pakistan’s Khyber Pakhtunkhwa under the China-Pakistan Economic Corridor (CPEC), according to local media reports.
The company would be the first foreign enterprise to establish a steel plant in the Rashakai SEZ with a planned investment of $50mn. Utilities, including electricity, gas and water for the SEZ, are all set to be completed this year. Around 40 acres of land has been assigned to Century Steel.
Pakistan’s Board of Investment (BoI) stated the plant will consume 45mw of electricity and would have an annual production capacity of 0.25mn mt steel.