KARACHI, May 23: The consortium members -– Al Tuwairqi Group (ATG), Magnitogorsk Iron and Steel Works (MMK) and Arif Habib Group -– have unanimously agreed to go ahead with the investment plan of about $250 million both for revamping and expansion of Pakistan Steel Mills up to 1.5 million tons per annum.

The urgency of this investment was fully realised by the consortium and it was decided to complete phase-I of the investment plan within a maximum of two years, says a press release of ATG. Dr Hilal Hussain Al Tuwairqi, Chairman of the Al Tuwairqi Group of Companies, will be the first chairman of the board of directors of Pakistan Steel post-privatisation.

The visiting ATG delegation to Russia, headed by Mohammad Tariq Barlas, vice-chairman and CEO, had detailed discussions with the management of MMK, headed by Victor F. Rashnikov, chairman, board of directors of the company in Magnitogorsk, Russia.

The matters resolved included the composition of the board of directors of Pakistan Steel post-privatisation, the management structure of the company, the investment plan both for revamping and expansion in phase-I up to 1.5 million tons per annum, and feasibility of various options to eventually take the production capacity of Pakistan Steel together with Tuwairqi Steel Mills Limited up to five million tons per annum in phase-II and phase-III.