Mughal Steel to invest 2.27 billion in expansion

Mughal Steel Board today approved a capital expenditure of Rupees 2.27 billion to be utilized in multiple projects aimed at expansion of melting capacity, water treatment, and other required civil works.

Board of Directors, Mughal Steel today approved capital expenditure aimed at expanding hot/direct rolling for CMF at Bar mill project and additional melting capacity for existing girder re-rolling mill with a total estimated cost of Rupees 500 million.

The Board also approved installation of CCM and shearing machine in respect to of the “Hot/Direct Rolling” project at an aggregate cost of Rupees 470 million.

The release also mentions an approval of “capital expenditure for the installation of water treatment plant, roughing area and induction heater for the BMR of bar mill project with an estimated cost of Rs. 900 million.”

In addition to that, a civil works project required for the expansion and new projects amounting to Rupees 400 million was also approved at the Board Meeting.

The Board approves the financing for the said Capital Expenditure by way of long term debt.