Saudi Arabia's largest private sector steel manufacturer Al-Tuwairqi Holding and South Korean steel giant POSCO have signed a joint venture agreement. The agreement in question includes an investment of $200 million by POSCO to expand the production capacity of Tuwairqi steel plant in Port Kasim Karachi, Pakistan.
The joint venture is scheduled to be completed in 2015 with an annual production capacity of 2 million mt. The gap between demand and supply in Pakistan is met through imports, with demand for steel products at around 8 million mt against domestic production of around 2 million mt.