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Amreli Steels to invest PKR 6.5 billion in third phase expansion- The 20th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
11/14/2018 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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The Express Tribune reported that Amreli Steels Limited has planned to invest PKR 6.5 billion in the third phase of its expansion at Dhabeji to expand its rebar manufacturing facilities, which will help increase the company’s present production of 605,000 tonnes per annum to 1.1 million tonnes. This new investment plan, subject to the approval of technical feasibility and successful financial close, is set to almost double the production capacity. It is expected to be completed in three years after achieving financial close, according to the company.
Amreli Steels CEO (Strategy) Hadi Akberali told The Express Tribune that “The company is expanding in anticipation and to cater to mostly domestic demand. We are currently the Pakistan’s largest rebar company and we will consolidate our position after the expansion.”
The company will be financing the estimated cost of expansion PKR 6.5 billion through bank borrowing and internal cash resources.
The company announced in its notice to the Pakistan Stock Exchange that “Internationally reputed consultancy firms have been invited to submit bids for final selection to commence technical feasibility of the proposed project.”
By installation of the new facility, the company aims to possess the largest capacity in Pakistan for producing rebars with economies of scale in terms of conversion cost.
Meanwhile, during a meeting of the board of directors, it decided not to revamp its existing SITE rolling mill due to the planned expansion at Dhabeji. There would be no shutdown for 10 months, which was announced from June 2019 to March 2020, after the company decided against the revamp of its existing SITE rolling mill.
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