Chairman BoI was told that after beginning of commercial production of DRI in Tuwairiqi Steel, POSCO is keen to increase its share in TSML
up to 50%.
He appreciated the extraordinary efforts of the technical team of TSML
that only within 120 days of trial production was able to test run the plant at 100 percent of its rated capacity in May 2013, under the supervision of the OEM experts.
marked Pakistan's first direct reduction iron (DRI) plant of Midrex process.
Rizvi said that TSML
is fully owned bySaudi based Tuwairqi Holding, which alsoowns one of the largest private sectorsteel mills in the Kingdom.
The mining of ore has begun in certain pockets and TSML
has also started putting in place production and logistics infrastructures.
In a letter issued to Federal Minister for Finance Economic Affairs and Statistics Ishaq Dar President KCCI stated that a TSML
delegation headed by Country Head Zaigham Adil Rizvi who was accompanied by the Resident Director Mr.
Zaigham Rizvi, Director Projects TSML
gave details of the project.
POSCO, being the most competitive steel producer of the world, with its global presence and a well-recognised reputation for its quality products, is now a potential partner of TSML
and contemplating to invest more in forward and backward integration of the ongoing project.
Right now, the TSML
management is not depending upon only Mashki Chah resource for its raw input supply but had also surveyed different sites across the country including Chiniot and Faisalabad to produce quality steel pellets.
It would be not out of place to mention here that phase-1 of TSML
Direct Reduced Iron Plant has come into commercial production with a total cost, (including working capital) of $342 million of which, POSCO provided USD 16 million in Phase-1 of the TSML
Direct Reduced Iron Plant in the shape of equity, while total cost of the project remained USD 342 million.
At one stage the future of TSML
was in doldrums but project was completed in time and commenced operation in January this year.
while Sheeraza, Ravi, Pir Salahud Din, TSML
, Kalarwala, Sugar Mills, Kanjwani and Khiddarwala feeders emanating from 132-KV Manjhala Bagh