24 April 2004	Saturday	03 Rabi-ul-Awwal 1425

LAHORE, April 23: Industries and Production Minister Liaquat Ali Khan Jatoi on Friday said that a US-based firm, GSB Technologies, has planned to set up a coal gasification and waste-into-energy project in Pakistan at a cost of $500 million.

Addressing the executive committee members of Lahore Chamber of Commerce and Industry, he said that investment friendly policies of the government had been able in attracting GSB Technologies and a US tractor manufacturing company, John Deere.

PS EXPANSION: The minister said that an upcoming expansion in Pakistan Steel capacity to three million tons from the existing 1.1 million tons would go a long way in bridging the gap between production and demand of the commodity in the country.

Mr Jatoi said that Pakistan Steel was able to post a record profit of Rs1.3 billion last year and hoped that it would register a profit of Rs3 billion this year. He said that Pakistan Steel was presently selling its products to the consumers much below the landed cost.

Mr Jatoi said that Al-Tawaraqui group of Saudi Arabia would soon set up a mini-steel mills in Karachi at a cost of $100 million. "A memorandum of understanding will be signed with the group within 10 days," he said.

The minister expressed the hope that the new steel production facility would also contribute to easing prices of the commodity. -APP