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According to recent market reports, Pakistan government has approved the proposal of Al-Tuwairqi Group to establish a steel billet plant in Karachi, near Pakistan Steel Mills. The export-oriented project will develop Pakistan's economy. Pakistan Steel Mills will provide 100 acres of land for the plant. This land will be announced as Export Processing Zone (EPZ). The annual export figure will increase from $180 million to $200 million. It is reported that the plant which will have a production capacity of approximately 1 million tons, is expected to cost $100 million. The water requirements will be supplied by Karachi Water and Sewage Board. Al-Tuwairqi will also build a power plant for electricity.