LAHORE: A bourse notification filed Wednesday by Dost Steels Limited announced it would be starting trial productions from 1st of February.
DSL stated, “During the months of December 2017 and January 2018, all stages of rebar plant commissioning activities in conjunction with the automation software have now successfully been completed.”
“DCL shall start its trial Production from 1st February 2018 and subject to the satisfactory completion of these trials, it is expected that the commercial operations shall start from 1st March 2018”, read the notification.
However, DCL cautioned “start of commercial production requires a number of clearances from all the relevant project plant suppliers, technical rolling consultants and engineering staff during the course of trial production. Only on achieving these clearances will the full and final Date of Commercial Production be realized.
In December last year, DCL’s debt restructuring negotiations broke off with Pak Kuwait Investment Company (PVT) Limited.
Dost Steels said PKIC’s demands were not in line with terms of restructuring agreed upon with other lenders, which led to the collapse of talks between the two companies.
It added the company remained in full compliance of restructuring terms agreed upon with consortium of lenders and was up to date in terms of its repayment schedule.
The company said this includes payments to PKIC, which were being deposited with the consortium leaden, the notification said.
Dost Steels Limited is engaged in the manufacturing of steel, direct reduced iron, sponge iron, hot briquetted iron, carbon steel, pig iron and special alloy steel in various forms. The Company’s mill has a capacity of approximately 350,000 tons per annum, which produces hot rolled high tensile, deformed steel bars of sizes ranging from 8 millimeters to 50 millimeters in length, over 12 meters in bundles and approximately 2,000 kilograms using THERMEX Bar Quenching process.
DSL shares were trading at Rs13.12, up Rs0.26 and KSE-100 index was trading at 44,214.64 points, down 18.47 points from Tuesday’s close.
