Tuwairqi Steel Mills Limited (TSML) is ready to transfer seven per cent equity to the government as soon as the project becomes viable.
The project that was commissioned in May 2013 had to suspend production in November same year as the decision on the supply of feedstock gas at a concessionary rate could not be reached.
TSML Country Head Zaigham Adil Rizvi informed yesterday that the Saudi and Korean parent companies of the joint venture had formally endorsed the proposal but linked it to swift decision on the feedstock gas rate.
He said all systems are in place and the mills can start production wi
The TSML is a joint venture of Saudi Arabia’s Al-Tuwairqi Group of Companies and S. Korea’s Pohang Steel (Posco).
