Karachi: A plant of a major steel manufacturer, International Steel Mills Limited (ISL) has become functional, according to a news source. The running of this plant has increased the mill’s cold-rolling capacity to 1 million tons per annum. This means that it retains its position as the largest cold-rolled steel producer in Pakistan.
This was lauded as an excellent development by experts as Pakistan currently imports over USD 5 billion worth of steel. Such a plant and further expansion of the steel industry would greatly help reduce this dependency on imports and be an encouraging step for the betterment of foreign exchange trade balances, especially as the rate of steel recently increased significantly due to the dependence on imports.