LAHORE, Oct 13: Korean investors are considering investing around $400 million in Pakistan`s steel sector, says Tuwairqi Steel Mills Limited (TSML) Project Director Zaigham Adil Rizvi.

Talking to the media at a local hotel here on Sunday, he said the Korean investors had also announced that they would not get any profit out of their investment for next five years for the growth of the steel industry. He said the steel mills had expedited exploring and digging of indigenous iron ore from Mashki Chah district of Balochistan for its DRI (direct-reducediron) plant production.

In order to get more indigenous iron ore, surveys of different sites across the country, including Chiniot and Faisalabad, had also been conducted in an effort to save precious foreign reserves being spent on the raw material import and to generate employment opportunities.

To a question, Mr Rizvi said utilisation of local iron ore, having required contents, in furnace would not only enhance the productivity of DRI plant but would also strengthen the country`s economy. Korean steel experts had issued a certificate indicating that the DRIplant of the TSML had been the most cost and energy efficient in the world but it needed government`s support in getting infrastructure to get iron ore from Balochistan and other parts of the country as well as natural gas supply on agreed prices.

The project director said that the mills had already charged its reduction furnace through indigenous iron ore taken from Balochistan. The local iron ore had the required contents needed to produce quality steel, he said, adding that the Koreans were of the view that there existed a great potential in Pakistan`s steel sector.-Staff Reporter