Pakistan’s Beco Steel eyes $22mn export orders after successful Hong Kong shipment

Following the successful completion of a copper ingots export order to Hong Kong, Beco Steel Limited is in advanced talks with international clients and expects to secure fresh export orders worth around $22 million in the upcoming financial year.

The listed steel manufacturer shared in its filing to the bourse on Friday.

“The management is confident that the finalisation of these expected orders will significantly enhance the company’s financial performance.

“This is projected to contribute substantially to both the top and bottom lines and is anticipated to result in substantially higher volume of the company’s sales as compared to the current financial year,” read the notice.

BECO shared that this growth is expected to strengthen the company’s profitability and, consequently, create enhanced value for its shareholders.

“Furthermore, the realisation of these exports will play a constructive role in earning valuable foreign exchange for Pakistan, thereby making a positive contribution to the national economy,” it added.

The company shared that it remains committed to its strategic objective of expanding its export footprint and diversifying its international market presence.

Apart from enhancing its global presence, BECO has been actively shifting towards renewable energy. Earlier this month, the company inked an agreement with a renewable energy solutions provider to install a 2-megawatt (MW) solar power generation system at its Badami Bagh, Lahore plant.

Beco Steel Limited, formerly known as Ravi Textile Mills, is incorporated in Pakistan as a public limited company. It is an integrated steel producer with products ranging from scrap to billet to various end products, including speciality steel.