KARACHI: Agha Steel Industries-Pakistan and Danieli–Italy have signed a contract for the Meltshop Enhancement Project, the project includes complete reconstruction of the Electric Arc Furnace (EAF) and a new Fume Treatment Plant at Agha Steel Industries, Karachi. In this connection Italian Embassy, Islamabad hosted the Contract Signing Ceremony on Wednesday.
The project will ensure that Agha Steel Industries utilizes the largest steel manufacturing furnace in Pakistan to make quality grade rebars for the upcoming growth in steel demand to be witnessed by CPEC (China-Pakistan Economic Corridor) related projects.
Agha Steel Industries is the only private steelmaker running a Minimill EAF based in Pakistan, and since 2011 has gained visible position in market with a growing demand for quality construction steel products.
Agha Steel is also committed to move towards an environmental friendly steelmaking shop by installing a new fumes dedusting System. With the Meltshop enhancement project, Agha Steel Industries is taking a step ahead on the sustainable steel production.
Danieli is the leader in engineering technology and machinery supply to the metals Industry. The group has a proven track record for innovation, spending 140 M Euro on just research and development each year, is known for supplying the most efficient technologies. Danieli, public listed company in Italy, has revenues of approximately €3 billion, is looking to collaborate with Agha Steel to enhance the steel making capacity of the company.
On this occasion, Italian Ambassador, His Excellency Stefano Pontecorvo shared his gratitude and termed this contract a milestone and positive step in Pak-Italy economic relations. He further extended his best wishes for Agha Steel Industries and Danieli for a successful implementation of the project, which will ultimately be a source of active support in national infrastructural growth of Pakistan.
Hussain Agha, Executive Director Agha Steel Industries said “We are the fastest growing steel manufacturer in Pakistan and are expected to have an IPO soon. Choosing Danieli as our technology supplier is testament that we are focused on the utmost value creation for our upcoming Shareholders. Agha Steel’s future and Pakistan’s future are intertwined and we will work hard towards a brighter future!”