Al-Tuwairqi Group (ATG), Magnitogorsk Iron and Steel Works (
MMK) and Arif Habib Group decided at the meeting on Tuesday to proceed with the investment plan of around $250 million for
Pakistan Steel Mills (PSM) aimed for reconstruction and expansion of the mills' capacity up to 1.5 million tons per annum.
The consortium partners decided to complete phase I of the investment plan within two years maximum. The rise in the PSM's
production up to 5 million tons per annum is expected after the completion of phase II &III of the investment plan, implementation details of which is currently under discussion.