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Agha Steel gets contract

Business

November 25, 2020

KARACHI: The Military Engineering Services (MES) of the Pakistan Army has enlisted Agha Steel Industries Ltd as the manufacturer-cum-supplier of deformed steel bars for its projects.

The Engineer-in-Chief's branch has already issued the company a provisional certificate of enlistment/registration. “It is a major milestone for us,” Hussain Agha, CEO of Agha Steel said in a statement on Tuesday.

Agha Steel is the first private sector steel manufacturer employing Italian Electric Arc Furnace technology - a steel recycling furnace and the most accredited and quality-based method of manufacturing worldwide.

The company had issued Initial Public Offering (IPO) last month to raise funds to finance its second phase of capacity expansion. The IPO, the third during the current fiscal year, proved a resounding success and was oversubscribed.