A leading Saudi steel company signed a memorandum of understanding in Pakistan to establish a manufacturing facility for direct reduced iron (DRI) and steel billets at Port Qasim in Karachi.
“The project, which has an initial capital investment of $150 million, is another significant landmark in Saudi-Pakistani relations,” said Chairman of the Al-Tuwairqi Group (ATG) Dr Hilal Al-Tuwairqi.
Dr Al-Tuwairqi told Arab News that the project will be implemented in two phases and will have a production capacity of one million tons per annum.
Source: SPA
