June 1, 2021 (MLN): Mughal Iron & Steel Industries Limited has successfully completed the BMR of bar re-rolling project.

This will not only result in improving the capital structure and Shariah compliance of the Company but will also result in improved profitability due to a decrease in markup cost and decrease in tax expense due to availability of tax credit (65E) for the next 5 years in respect of operations of new bar mill, a progress report issued to Exchange said.

To recall, in 2017, the Company had announced the BMR of its bar re-rolling mill. However, due to the onset of the Covid-19 pandemic and the ensuing lockdown, the target completion date of the project was delayed, and the estimated completion date had to be revised to 2Q of the calendar year 2021.

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