Agha Steel achieves important milestone
ISLAMABAD: Military Engineering Services of the Pakistan Army has enlisted Agha Steel Industries Limited as the manufacturer-cum-supplier of deformed steel bars for its projects.
Agha Steel is the first private sector steel manufacturer employing Italian Electric Arc Furnace technology - a steel recycling furnace and the most accredited and quality based method of manufacturing worldwide as well as the fastest growing technology that companies are adopting today in the private sector in Pakistan, said Chief Executive Officer of Agha Steel, Hussain Agha in a statement. The company had issued Initial Public Offering last month to raise funds to finance its second phase of capacity expansion.
The IPO, the third during the current fiscal year, proved a resounding success and was over-subscribed. The IPO consisted of 120 million ordinary shares or 20.83 percent of the paid up capital of the firm.
In the second phase, the company is bringing a new, disruptive steel re-rolling technology, MiDa. The technology is said to be a game changer for the steel industry as it reduces the entire production cycle to just two hours in addition to increasing yield efficiency to over 99 percent in comparison to Pakistan's existing standard of 90-91 percent.
Additional benefits will come from energy and time savings as the company's re-rolling capacity will rise to 650,000 tons on completion of the project in June next year from existing 250,000 tons.
The firm has steel melting capacity of 400,000 tons. - APP