Japanese firm Metal One Corp., a subsidiary of Mitsubishi Corp., will reportedly have a 26 percent stake in Aisha Steel Mills (ASM), a joint venture company planned to be established in Karachi, Pakistan.
Other firms to have stakes in ASM are Pakistani mills, Universal Metal Corp. and Arif Habib Ltd, which will hold 49 percent and 25 percent stakes in the plant, respectively. The plant worth $100 million is aimed at meeting the rising cold rolled steel demand in Pakistan.
ASM, which is planned to come on stream in two years' time, will be designed to have an initial production capacity of 220,000 mt. The capacity of the mill is to be increased to 350,000 mt later on.
After its completion, ASM will be the second cold rolled steel producer in Pakistan, following Pakistan Steel Mills (PSM).