Karachi: A new plant of International Steels Limited (ISL) has started functioning in Karachi, increasing the mill\u2019s cold-rolling capacity to 1 million tonnes, stated a news report. As per a report by Pak-Kuwait Investment Company AVP Research Adnan Sami Sheikh, the ISL competitor Aisha Steel\u2019s expansion was due in 2019, but this new plant has allowed the ISL to become Pakistan\u2019s largest producer of cold-rolled products.<\/p>\n
According to Sheikh, as Pakistan doesn\u2019t produce iron, 9% of its imports are of steel and steel-related products. The ISL\u2019s expansion is expected to bridge the gap between the country\u2019s increasing steel requirements and domestic capacity. The overall import bill which stands at USD 50.7 billion can be significantly brought down.<\/p>\n
Apart from this, the ISL will also be eligible for a 10% tax credit for its PKR 5.6 billion investment, which will add to the tax base.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi: A new plant of International Steels Limited (ISL) has started functioning in Karachi, increasing the mill\u2019s cold-rolling capacity to 1 million tonnes, stated a news report. As per a report by Pak-Kuwait Investment Company AVP Research Adnan Sami Sheikh, the ISL competitor Aisha Steel\u2019s expansion was due in 2019, but this new plant has allowed the ISL to become Pakistan\u2019s largest producer of cold-rolled products. According to Sheikh, as Pakistan doesn\u2019t produce iron, 9% of its imports are of steel and steel-related products. The ISL\u2019s expansion is expected to bridge the gap between the country\u2019s increasing steel requirements and domestic capacity. The overall import bill which stands at USD 50.7 billion can be significantly brought down. Apart from this, the ISL will also be eligible for a 10% tax credit for its PKR 5.6 billion investment, which will add to the tax base.<\/p>\n","protected":false},"author":60,"featured_media":7972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[7126,7619,7621,7618,7620],"persona":[],"class_list":{"0":"post-40693","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-import","8":"tag-international-steels-limited","9":"tag-iron","10":"tag-isl","11":"tag-new-plant"},"acf":[],"yoast_head":"\n