The announcement comes just days before the initial public offering (IPO) of Agha Steel Industries. In this regard, the two companies on Monday signed a memorandum of understanding (MoU) that ensures Agha Steel will supply the intermediate steel product used as a raw material by the downstream steel industry. The latest development will result in huge import substitution and also benefit the national exchequer,” said Agha Steel Chief Marketing Officer (CMO) Suleman Lakhani. It may be mentioned here that Agha Steel is going public next month in order to finance its expansion drive. Unlike most local steel-makers that use traditional induction furnace for melting scrap, Agha Steel has invested in a high-efficiency and environment-friendly electric arc furnace.

Source: Pakistan Today September 28, 2020 09:29 UTC