SBP allows Pakistan steel manufacturer to operate in North America

• This subsidiary will represent IIL in North America to promote, market and sell the company's products in the region.
• This venture will also enable the company to utilize and expand its current capacity and improve export volume in a higher margin territory.

The State Bank of Pakistan (SBP) has allowed International Industries Limited (IIL), one of Pakistan’s largest steel manufacturer to operate in North America.

“The Board of Directors and management are pleased to announce that the SBP vide their letter Refr EPD/INT/AN-5847/14 (20)-2020 dated March 25, 2020 has granted the permission for wholly owned subsidiary i.e. M/s. IlL Americas Inc. (IlLAl), Canada by the company,” stated a filing at the Pakistan Stock Exchange (PSX) on Friday.

This subsidiary will represent IIL in North America to promote, market and sell the company's products in the region and explore further expansion possibilities subject to applicable local and international's regulatory approvals,  IIL added.

This venture will also enable the company to utilize and expand its current capacity and improve export volume in a higher margin territory, offsetting the impact of the slowdown in its traditional export markets.

The IIL said that it is Pakistan's largest manufacturer of steel, stainless steel and polymer pipes with an annual manufacturing capacity of 817,000 tons and annual revenues of almost Rs26 billion.

The company’s exports over the last 5 years have been exceeded $238.4 million with sales to 60 countries in North America, Europe, Africa, the Middle East, South Asia, and Australia.  In the last 5 years, the company has also contributed over Rs19.3bn in duties and taxes to the national exchequer.