International Steel starts new plant, brings production to 1 million MT

The International Steel Limited (ISL) has commenced production from its new plant, increasing the rolling capacity of the company by 1,000,000 metric tons.

With the increase in production, after an investment of Rs5.6 billion, ISL has emerged as the largest producer of cold rolled steel products in Pakistan.

“We are pleased to inform that the company’s state of the art rolling mill has commenced production (from) 21 June, 2018. This addition has increased the rolling capacity of the company to 1,000,000 metric tons per annum,” the steel mill said in a statement to Pakistan Stock Exchange (PSX).

“With this expansion, ISL (International Steels) will be the largest producer of flat products in the country resulting in significant reduction in dependence on imported steel products as well as invaluable savings in foreign exchange,” the company added.

The company informed about its expansion plan, back in February 2017, where ISL revealed that it will be adding Cold Rolling Mill, a Pickling line and related facilities, which was arranged through its own finances and long-term bank loans.

The International Steel Limited recorded Rs3.234 billion profit in the nine months ended March 31, as compared to Rs2.016bn profit in the corresponding period last year. The company’s sales jumped 40 per cent to Rs34.817bn during the period from Rs24.781bn in the corresponding period last year.