Naveena Group to set up 0.3mln tons capacity steel mill

KARACHI: The Naveena Group, one of the country’s leading textile companies, on Friday announced it was establishing a 300,000 TPA (tonnes per annum) steel melting and re-rolling mill at Port Qasim in Karachi.

“Naveena Steel Mills (Private) Limited (NSMPL) is being developed with a view that rapid urbanisation and industrialisation resulting from China-Pakistan Economic Corridor (CPEC) related infrastructure projects will increase the demand for steel in the country,” the group said in a statement.

“The mandate for obtaining necessary financial facilities had been awarded to a leading commercial bank, while commercial production at the steel plant was expected to commence by June, 2019.”

The statement said Naveena Group has hired a top European supplier to introduce cutting-edge smelting technology in Pakistan, whereas a world renowned consultant has been appointed to provide consultancy and detailed engineering services for the project.

“The state-of-the-art metallurgical processes would enable NSMPL to produce better quality steel rebars with improved yield that would give them a competitive edge over the existing setups,” the company said.

The statement said the project’s proximity with port would result in cost-effective import of scrap steel, the raw material for the product.

“The land is sufficient for the company to double its production capacity conveniently when considered expedient in future,” the company said. The statement said Naveena Group’s core principles of doing business by providing the best product using the latest, most efficient, and modern technology laid the foundations for establishing this new business venture.

“Our management is very optimistic for the bright prospects of economic growth in the country and is determined to play a pivotal part that can place Pakistan at par with the fast growing economies in the region,” the group said.

Analysts say such contributions from local entrepreneurs to foster economic growth in the country were need of the hour.

“Country’s regulatory bodies, by streamlining their economic policies, are bound to encourage investors to believe in the country’s potential to do business activities.

This will also create a positive image of Pakistan internationally,” they added.