Pakistan Steel's expanding plan to suffer laying-aside

Published: 19 Oct 2009 18:43:33 PST

Oct. 19 MetalBiz--It is reported on October 15 that due to the influence of financial crisis, Pakistan Steel Co., Ltd.'s plan is forced to lay aside.

The report said that in June this year, Pakistan Steel agreed on and signed an understanding memorandum on steel extension plan with China Metallurgy Group, and the initial expectation of construction fund was around US$2.2bln, after completed, the yearly production of Pakistan Steel will jump to 5mln tons from 1.1mln tons. But because Pakistan Steel posted the huge loss of 20bln rupees, the former chairman was dismissed, and then the extension project was laid aside.