On July 16th 2018, Mughal Iron & steel Industries Limited released their quarterly project progress status for the quarter ended June 30th, 2018, regarding the status of projects being financed party of fully by Right Issue.
The company was to procure and install 6 additional engines for 3.1 megawatts each for their existing gas-fired power plant in order to increase its power generation capacity from 9.3 megawatt to 27.9 megawatts. The process of procurement and installation was to be completed in the second quarter of the calendar year 2018.
As per the status report, all 6 engines have been commissioned, and the project has been completed.
The board of directors of the company had also resolved to conduct the Balancing, Modernization and Replacement (BMR) of its existing bar re-rolling mill, which is expected to completed by the fourth quarter of the calendar year 2018.
“The BMR will involve addition of new re-rolling stands, finishing lines and other improvements to the existing mill in order to enable it to adhere to high and faster re-rolling process with state of art PLC control system. This will result in improvement efficiency of the re-rolling process,” company secretary Muhammad Fahad Hafeez had said in an earlier notification to the Pakistan Stock Exchange.
As per the report, as of June 30th 2018, 2nd shipment has been effected, while civil work for cooling bed, and civil work for foundation of two additional stands has been completed.
