Korean steel giant makes initial $15m investment

[Dance]

KARACHI:
Saudi Arabia’s largest private sector steel manufacturer Al-Tuwairqi Holding and the world’s third-largest steel maker by market value Pohang Iron and Steel Company Limited (Posco) have signed a joint venture agreement on Saturday to invest $15 million in Tuwairqi Steel Mills.
The South Korean giant is apparently testing the waters with this investment and if all goes according to plan they will increase the investment and get managing control.
The agreement was signed by Al-Tuwairqi Holding Chairman Dr Hilal Hussain Al-Tuwairqi and Posco CEO Joon-Yang Chung at the Sindh Chief Minister House.
The government-controlled Korean firm also plans mine ore manufacturing among other value added products.
The JV agreement is the result of Chief Minister Sindh Syed Qaim Ali Shah’s visit to Korea earlier this year where he visited the headquarters of major Korean business houses which included Posco and Lotte.
Chief Minister Sindh Syed Qaim Ali Shah said that this agreement will not only create new job opportunities but also enable transfer of technology in the industrial sector.
Sindh Board of Investment Chairman Zubair Motiwala also mentioned on the occasion that a Chinese steel firm is going to invest $300 million in the country.
“The country’s geographical location offers immense opportunities to the investors and we are keen to capitalise on that,” said Posco CEO Joon-Yang Chung.
The firm is looking to invest a much larger sum in neighbouring country India but the transaction is being held up due to a land dispute.
Published in The Express Tribune, September 11th, 2011.

Korean steel giant makes initial $15m investment – The Express Tribune

 

[Tangent]

KARACHI:
Saudi Arabia’s largest private sector steel manufacturer Al-Tuwairqi Holding and the world’s third-largest steel maker by market value Pohang Iron and Steel Company Limited (Posco) have signed a joint venture agreement on Saturday to invest $15 million in Tuwairqi Steel Mills.
The South Korean giant is apparently testing the waters with this investment and if all goes according to plan they will increase the investment and get managing control.
The agreement was signed by Al-Tuwairqi Holding Chairman Dr Hilal Hussain Al-Tuwairqi and Posco CEO Joon-Yang Chung at the Sindh Chief Minister House.
The government-controlled Korean firm also plans mine ore manufacturing among other value added products.
The JV agreement is the result of Chief Minister Sindh Syed Qaim Ali Shah’s visit to Korea earlier this year where he visited the headquarters of major Korean business houses which included Posco and Lotte.
Chief Minister Sindh Syed Qaim Ali Shah said that this agreement will not only create new job opportunities but also enable transfer of technology in the industrial sector.
Sindh Board of Investment Chairman Zubair Motiwala also mentioned on the occasion that a Chinese steel firm is going to invest $300 million in the country.
“The country’s geographical location offers immense opportunities to the investors and we are keen to capitalise on that,” said Posco CEO Joon-Yang Chung.
The firm is looking to invest a much larger sum in neighbouring country India but the transaction is being held up due to a land dispute.
Published in The Express Tribune, September 11th, 2011.

Korean steel giant makes initial $15m investment – The Express Tribune

Where are the iron ore mines in pakistan ?

 

[BATMAN]

First of all this investment stunt is nothing but a reason for the ever corrupt ministers to travel abroad and offer more of Pakistan for sale and offering mines is exactly same.

Money had already been invested by Al-Tuwarqi during Musharraf era. Plant is ready to run but some how al-Tuwarqi lost its confidence in Pakistan market due to volatile situation and insider info. from every where.

Al-Tuwarqi wanted to sell the plant but couldn' t found 100% investor, but he found willing koreans as partnes.

Now what is happening is al-Tuwarqi selling some of his shares to Koreans. simple as that.

The amount will not be transferred to Pakistan... neither any thing new will be built by this money,... its actually a private trading among two parties.

It never amaze me how matric fail politicians use media to make a stupid people even more stupid.

Here is the website and the startup is on hold from over an year, just because primary investor is not willing to invest any single more dollar in Pakistan.

It is a common sense... no steel plant can be erected in 15 million... 15 million is only the amount required to pay for startup activities that also in foreign accounts.

 

[Faiez]

I'm against this investment...

I hope pakistan doesnt get any foreign investment...and local investors open their eyes and start investing...

 

[ramu]

Pakistan should not encourage foreign companies to buy stake and control in mines. This will lead to loss of natural resources and the same resources once finished will find its way through imports. Pakistan needs people like JRD Tata but such a man is born once in a century.

 

[BATMAN]

I'm against this investment...

I hope pakistan doesnt get any foreign investment...and local investors open their eyes and start investing...

Our politicians do not wish Pakistanis to become self-suficient.
If this happens... politicians may loose their influence.

---------- Post added at 06:51 PM ---------- Previous post was at 06:50 PM ----------

Pakistan should not encourage foreign companies to buy stake and control in mines. This will lead to loss of natural resources and the same resources once finished will find its way through imports. Pakistan needs people like JRD Tata but such a man is born once in a century.

Exactly.. we have many like TATA but Pakistan is controlled by idiots like Shabaz Sharif and Nawaz Sharif...

 

[Luftwaffe]

We have huge copper reserves in Baluchistan and Waziristan. According to 2007 estimates copper per tonnage was $10,060 per tonne, now image by today it would be around $16,000 per tonne. The use of copper is in almost every electronic item.

I tell you any next government if hugely invest in copper and gold mining our country will be out of debt in less then 3 years.

The thing is if Pakistan goes into debt for buying equipment for mining then I call that debt a reward for the future otherwise debt that has no history of where its being invested is a burden as I heard today in new 2011 Jan-March PPP borrowed an astounding around $1.5 billion and there is no history where they are using it.

 

[TARIQ BN ZIYAAD]

Assalam alaikum

i don't like giving mining rights to any country when these traitors r ruling us ( i m not talking about ppp only ). let what is under ground to our next generations.

on a side note pak under 16 team winning 2-0 against maldeve in kuwait, grp 2, has yemen ,afghanistan kuwait, uae , maldeve and pakistan for under 16 afc qualifying matches
1st half just ended 2-0 for pakistan

TARIQ

 

[somebozo]

I think Al Tuwarqi was stopped by the court at the process of bidding over Pakistan Steels Mills was not transparent and Tuwairqi benifitted from insiders of Mushraff and Co. Can someone shed full light on this matter.?