Steel unit to start production at Rashakai SEZ soon

PESHAWAR:

In approximately 90 days, Century Steel (Private) Limited’s first unit will begin production at Rashakai Special Economic Zone (SEZ), said Abdul Karim Tordher, Special Assistant to Khyber-Pakhtunkhwa (K-P) Chief Minister on Industries.

Rashakai SEZ is a flagship project of industrial cooperation under the China-Pakistan Economic Corridor (CPEC) framework.

Century Steel of China’s Jincheng Industry Development Private Limited has occupied 20 acres of land at Rashakai SEZ and the iron and steel conglomerate is the first foreign company that has established its plant at the SEZ.

“The first unit, which is going to be operationalised, is being set up with an investment of $50 million,” Tordher said, adding that the total size of Century Steel’s investment was over $300 million.

According to Century Steel, during the first phase, the company will mainly start producing rebar while in the second phase it will start the production of wire rod followed by the production of profile steel in the third phase.

Tordher said that Rashakai SEZ was the fruit of Beijing Expo (road show), which was an industrial cooperation project under CPEC.

According to the special assistant, China Road and Bridge Corporation’s (CRBC) investment in Rashakai SEZ has encouraged other foreigners to come and invest in different sectors of the province.

THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET

Published in The Express Tribune, January 23^rd, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.