MoU from Pakistan and Saudi Arabia for billet plant

MoU from Pakistan and Saudi Arabia for billet plant

According to recent news in the market, Pakistan Federal Ministry of Industries and Production announced that it will sign a memorandum of understanding (MoU) with Saudi Arabian group Al-Tuwairqi on Friday for the establishment of a steel billet plant in Karachi, with an investment of $100 million. As previously reported by SteelOrbis, Pakistan government approved the proposal of Saudi Arabian group to build billet plant in Karachi, near Pakistan Steel Mills back in November 2003. Moreover, it is stated that US will invest $500 million in Pakistan and a German company plans to establish a pipe mill in the country.