KARACHI: The Naveena Group has announced to enter into the business of steel production by establishing a 300,000 TPA (tonnes per annum) steel melting and re-rolling mill at Port Qasim of Karachi.
The project is being developed in view of the bright prospects of Pakistan’s economy, rapid urbanisation and industrialisation in the country due to upcoming infrastructure projects like China Pakistan Economic Corridor (CPEC) which will increase the demand for steel in the country.
The proximity of the land to the port will result in cost-effective imports of scrap which is the raw material for the product giving the project a clear advantage over its competitors. The land is sufficient for the company to double its production capacity conveniently when considered expedient in future. Naveena Group’s core principles of doing business by providing the best product using the latest, most efficient and modern technology also laid the foundations for establishing this new business venture named as Naveena Steel Mills (Private) Limited (NSMPL).
The project consists of setting up of Steel Melt Shop and Rolling Mill to produce steel rebars. The company has already finalised its contract with one of the top European suppliers of machinery which aims to introduce state of the art metallurgical processes for the first time in Pakistan that will enable NSMPL to produce a better quality of steel rebars with improved yield giving it a competitive edge over the existing setups.
World-renowned consultant for steel sector has been engaged to provide consultancy and detailed engineering services for the project. The mandate for obtaining necessary financial facilities has already been awarded to a leading commercial bank.
The company is targeting the start of its commercial production by June 2019 resulting in the increased national capacity to fulfil the surging demand for steel in the country as well as generating various employment opportunities.