-(1)-Reinhausen-(1).jpg?lang=en-US&ext=.jpg)
Veolia.gif?width=200&height=200&mediaprotectionhash=4deca34a0d5a00013b5a0ccdc2dcf98fd2c17aabb57eb7bbb27200552f29c247&ext=.gif)
Posco Acquires Shares in Pakistan’s Tuwairqi Steel Mill
09/27/2011 - Posco has signed a deal to acquire 15.34% of the shares in Tuwairqi Steel Mill (TSML), a Pakistani steelmaker.
Posco has signed a deal to acquire 15.34% of the shares in Tuwairqi Steel Mill (TSML), a Pakistani steelmaker.
Posco acquired the shares on shares on September 10 at the Chief Minister’s House in Pakistan’s Sindh Province in the presence of Posco CEO Joon-Yang Chung, Chairman Hilal Hussain Al Tuwairqi of Al Tuwairqi Holding, and Sindh Chief Minister Syed Qaim Ali Shah.
Tuwairqi Steel Mill, Pakistan’s only direct-reduced iron (sponge iron) producer, is owned by Al Tuwairqi Holding. TSML’s facility has an annual production capacity for 1.28 million tonnes of sponge iron, which is produced by directly reducing iron ore and can be used as in the steelmaking process an alternative to iron scrap. Commercial production is scheduled to begin next January.
In addition to dividend income, Posco will be involved in the production of sponge iron and steel, helping to expand the steel business in Pakistan.
“Pakistan is the 6th most populous country in the world,” said CEO Chung. “Its steel demand, which was 7 million tonnes last year, is expected to grow to 12 million tonnes by 2020.
Posco acquired the shares on shares on September 10 at the Chief Minister’s House in Pakistan’s Sindh Province in the presence of Posco CEO Joon-Yang Chung, Chairman Hilal Hussain Al Tuwairqi of Al Tuwairqi Holding, and Sindh Chief Minister Syed Qaim Ali Shah.
Tuwairqi Steel Mill, Pakistan’s only direct-reduced iron (sponge iron) producer, is owned by Al Tuwairqi Holding. TSML’s facility has an annual production capacity for 1.28 million tonnes of sponge iron, which is produced by directly reducing iron ore and can be used as in the steelmaking process an alternative to iron scrap. Commercial production is scheduled to begin next January.
In addition to dividend income, Posco will be involved in the production of sponge iron and steel, helping to expand the steel business in Pakistan.
“Pakistan is the 6th most populous country in the world,” said CEO Chung. “Its steel demand, which was 7 million tonnes last year, is expected to grow to 12 million tonnes by 2020.
“Through this acquisition, Posco will secure a foothold in Pakistan, while expanding business opportunities not only in steel but also for all Posco’s subsidiaries,” added CEO Chung.
