In a groundbreaking development for Pakistan's steel sector, Agha Steel, a prominent steel company based in the country, has unveiled its agreements with iron ore miners in the Khyber Pakhtunkhwa province. These agreements mark a significant shift towards local sourcing for the company's iron smelting furnaces and herald the exportation of mined products.
Agha Steel recently augmented its production capabilities with the introduction of a 50 cubic meter iron smelting furnace, complementing its existing electric arc furnace. With this expansion, the company has effectively boosted its annual production capacity to an impressive 50,000 tons. This is part of Agha Steel's broader to curtail its reliance on imported raw materials, addressing a crucial aspect of Pakistan's steel industry.
Importantly, this initiative aligns with Pakistan's quest for self-sufficiency in steel production, aiming to reduce the country's dependence on foreign imports for scrap and raw materials. Currently boasting a melting capacity of 450,000 tons and a rolling capacity of 250,000 tons per year expansions and collaborations Agha Steel dedication to transforming the steel sector, driving economic growth in the steel production domain. Furthermore, Agha Steel has plan to roll out additional iron smelting furnaces within the next 18 months, that will further solidify its commitment to fostering a robust and sustainable domestic steel industry.