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Aisha Steel Mills Holds Ground Breaking Ceremony From Value One, Winter 2007-2008 No. 19

To Produce High-Grade Cold Rolled Steel for Auto and Electrical Machinery Industries

President Kanada delivers a speech at the ground breaking ceremony.
President Kanada in friendly talks with Prime Minister Aziz
Outline of Aisha Steel Mills Limited
Headquartered: Bin Qasim, Karachi, Pakistan
Capital: 1,792 million rupees
(Metal One: 38%; Universal Metal Corporation: 24%; Arif Habib Securities Ltd.; 38%)
Production capacity: 220,000 tonnes/year

The ground breaking ceremony for Aisha Steel Mills Limited, in which Metal One Corporation holds a 38% capital stake, took place on August 30, 2007, at the official residence of the governor of Sindh province in Karachi. Representing the host country, the governor, Dr. Ishrat Ul Ebad Khan, unveiled a commemorative plate during the ceremony as approximately 300 distinguished guests from various quarters watched, including the Japanese ambassador to Pakistan, Seiji Kojima. Metal One was represented by President Moriji Kanada, who delivered a congratulatory speech.

Before the ceremony, President Kanada had a personal meeting with Prime Minister Shaukat Aziz of Pakistan and expressed his desire to cooperate in the further development of Pakistan by carrying out this project as another model of success in the area of joint ventures. Furthermore, President Kanada handed the prime minister a personal letter from Mikio Sasaki, chairman of Mitsubishi Corporation, who has maintained close ties with the prime minister for some time. Pakistan, having the sixth largest national population (about 170 million) in the world, has maintained an annual GNP growth rate of 6 to 7% over the last few years. The nation's demand for steel products in particular is increasing rapidly every year. Against the roughly 500,000 tonnes of cold rolled steel sheets required yearly in the country, domestic production is no more than around 140,000 tonnes. In view of this supply-demand gap, Aisha Steel Mills will mainly focus on high-grade cold rolled steel for the automotive and electrical machinery industries, a product category especially in short supply in Pakistan.

Construction of Aisha's mill for cold rolled steel sheets will begin on a site approximately 80 km east of Karachi, and commercial production there is scheduled to start in June 2009.

(Steel International Department)


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