Agha Steel to acquire blast furnace for backward integration

MG News | September 14, 2023 at 11:03 AM GMT+05:00

0:00

September 14, 2023 (MLN): Agha Steel Industries Limited (PSX: AGHA) has entered into a contract for the acquisition of a 50 cubic meter (m3) blast furnace for backward integration with its existing Arc furnace, the company’s filing on the local bourse revealed today.

In addition to this, the company has also partnered with iron ore mine owners in KPK for exclusive raw material supply for its blast furnace.

Agha Steel intends to export iron ore from these mines to the international market, based on the commercial viability of the international trade.

The entity is principally engaged in the manufacturing and sale of steel bars, wire rods, and billets.

At the time of writing, the company’s share is being traded at Rs9.64, up by 12 paisa or 1.26% compared to the previous close.

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