INP-WealthPk
Chinese enterprise to provide Pakistan with 1.5 mln tons of steel annually
November 17, 2021
ISLAMABAD, Nov. 17 (INP): Century Steel (Private) Limited, invested by Fujian Yuanhongxin Investment Co, Ltd., will provide Pakistan with an annual output of 1.5 million tons of steel.
According to Gwadar Pro, located in Rashakai SEZ in Khyber Pakhtunkhwa province (KPK) is a China-Pakistan Economic Corridor (CPEC) project and the company is the first zone enterprise.
The company aims to build a three-phase project i.e. production of construction steel, production of wire rod (iron wire, nail, screw, welded mesh, round bar) and production of profile steel (H steel, L steel, Channel steel).
According to All Pakistan Chinese Enterprise Association (APCEA), the completion of these three phases will provide social employment of at least 1,000 people with great economic and social benefits.
Century Steel Limited is an experienced Chinese company engaged in the investment, production and operations of Iron and Steel enterprises overseas. The company has a registered capital of 100 million yuan.
Century Steel Pvt Ltd. plans to invest $50 million. The project will consume 45MW electricity. Resources from China have been mobilized and Chinese engineers and personnel have already set up a site office to execute the project without delay.
INP/javed
