Pakistan's contribution to world steel production is a mere 0.32% and its consumption also remains low, said Agha Steel Industries CEO on Thursday.
Addressing the launch ceremony of 'Original Green', aimed at producing green steel through eco-friendly electric arc furnace technology, at a plant located in Port Qasim, CEO Hussain Iqbal Agha said that in five years, Pakistan would need 11 million tonnes of steel.
The investment phase for the expansion of the industry will begin in 2025-26, said Agha, adding that this would reduce consumption by 15% and raw materials needed by 10%.
The blast furnace purchased by the company will be operational in 12 to 18 months and will have the capacity to melt 4,500,000 tonnes of steel a year, according to Agha.
Company higher-ups informed that the process of mining of iron has also been initiated and manufacturing for the first export order is underway.
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