Amreli Steels Limited has extended the temporary suspension of operations at its rolling mill plant in Karachi’s S.I.T.E. area for another six months due to ongoing operational and economic challenges in the steel sector.
The S.I.T.E. plant accounts for 30pct of the company’s total production capacity. Amreli Steels stated that the conditions that led to the initial suspension in September 2024 have not improved and, in some cases, have worsened. The company will reassess the situation at the end of the extended period to determine whether operations can resume, depending on significant improvements in the broader business environment.
For the first half of fiscal year 2025, ending December 31, 2024, Amreli Steels reported a net loss of PKR 1.87 bln (USD 6.7 mln), a sharp decline from the PKR 632 mln loss in the same period the previous year. Net sales also plummeted 60.5pct YoY to PKR 8.8 bln (USD 31.4 mln), according to its recent financial statement.
Amreli Steels is one of Pakistan’s leading steel producers, with a billet production capacity of 600,000 tons and rebar manufacturing capacity of 605,000 tons.
1 USD / 279.9 PKR