KARACHI, July 11: A delegation of Russian consortium Intermach made a presentation early this week of basic design solution on Pakistan Steel up to 1.5 million tons a year in first phase and up to 3 million tons a year in second phase.

A press release of the Russian consortium on Friday says the basic strategy concept suggested in the basic design solution is that of modernization of rolling mills, hot strip mills, cold rolling mills and billet mills that will result in quick turnover and payback of investments.

The consortium has also given a work schedule according to which modernization work at every plant will not exceed 18 to 20 months from the date of signing of contracts with completion by the year 2005.

The press release states that the Pakistan Steel chairman has assured the Russian consortium of giving a fair chance of open competition with others.