CPEC: Chinese company to produce 1.5 million tons of steel for Pakistan annually

Nowshera: Chinese company Century Steel (Private) Limited – invested by Fujian Yuanhongxin Investment Co, Limited – will produce 1.5 million tons of steel for Pakistan annually, an official announcement said.

Located in China-Pakistan Economic Corridor (CPEC)’s Rashakai Special Economic Zone (SEZ) in Khyber Pakhtunkhwa province, the company is the first zone enterprise.

Century Steel (Pvt) Ltd is investing US $ 360 million in the Rashakai SEZ in Khyber Pakhtunkhwa under the CPEC.

The Chinese iron and steel conglomerate has become the first foreign enterprise to establish its plant in the Rashakai SEZ under the CPEC.

A 40 acres land has been allocated to Century Steel Ltd owned by Fuzhou Julitaihe Inter­national Company of China in the Rashakai SEZ. The Chinese giant owns steel mills in Indonesia, Myanmar, Cambodia, and Ethiopia with a net capacity of 3,000 million tonnes of iron and steel products.

The 1,000-acre zone will create 200,000 direct and indirect jobs and is expected to attract Pakistani Rs 347 billion investment.

The company aims to build a three-phase project – production of construction steel, production of wire rod (iron wire, nail, screw, welded mesh, round bar) and production of profile steel (H steel, L steel, Channel steel).

According to All Pakistan Chinese Enterprise Association (APCEA), the completion of these three phases will provide social employment of at least 1,000 people with great economic and social benefits.

Century Steel Limited is an experienced Chinese company engaged in the investment, production and operations of Iron and Steel enterprises overseas. The company has a registered capital of 100 million Yuan.

Resources from China have been mobilized and Chinese engineers and personnel have already set up a site office to execute the project.