KARACHI, Dec 18: Pakistan Steel will soon float international tenders to invite applications for state-of-the-art technologies to undertake renovation and expansion project to increase steel production.

According to a Pakistan Steel announcement here on Saturday, this technology would enable the PS to dovetail with its existing ex-Soviet Union based steel making technology of late seventies.

A consortium of Ukrainian Industries has shown keen interest to directly compete for various revamping and expansion projects, the Austrian based company M/s VAI has also offered 85 per cent of the finances for completion of the project at less than four per cent markup.

According to their offer, the project of revamping of hot strip mill, with one additional furnace, could be completed in 20 months, whereby the PS would be liable to pay first instalment after six months of commissioning.

The management of Pakistan Steel will however, take a decision on the issue after taking into consideration comprehensive financial feasibility.

Meanwhile, PS Chairman Lt. Gen. (Retd) Abdul Qayyum is leading a five-member delegation to Ukraine, Poland and Austria to lure leading companies for active participation in the tenders which are likely to be floated in next two months.-APP