ISLAMABAD, May 20: Austria on Thursday offered its services for the revamping, upgrading and modernization of automation and control systems of Pakistan Steel's different units along with a 60 million euros export credit.

An Austrian delegation led by Herman J. Remplbauer, Senior Vice President Marketing of Voest Alpine along with Ambassador of Austria Dr G. Gallowitsch held a meeting here on Thursday with Federal Minister for Industries and Production Liaquat Ali Jatoi on the subject.

Mr Ramplbauer briefed the minister regarding their offer and stated that Austria is keen for the upgradation of Hot Strips Mills and arrange a financing of 60 million euro and complete it within a period of less than two years.

The Hot Strip Mills is the backbone of Pakistan Steel and the upgrading/revamping will double the capacity and improve the quality to international standard.

After completion of the plan, the PS will produce the steel grades, used in the manufacturing of automobile, which are now being imported from Japan and other countries. He stated that Austria is also keen in the expansion programme of PS in the field of Continuous Casters (CC Technology) of Steel Making Department and rolling mills and automation of control system.

He said that Austria was ready to cooperate with other Chinese and Russian groups, who were interested in expansion of PS up to capacity of three million tons per year.

The company has also offered to arrange attractive financial packages such as export credit authorities for funding the supplies to be made for revamping, modernization and expansion projects of the PS.