TUWARIQI STEEL MILLS - A PRESTIGIOUS ADDITION TO THE STEEL INDUSTRY

INTERVIEW: ZAIGHAM ADIL RIZVI - DIRECTOR PROJECT TUWAIRQI STEEL MILLS

AMANULLAH BASHAR
July 13 - 19, 2009

Zaigham Adil Rizvi is a figure known in the industrial and corporate sector of Pakistan and a distinguished personality in the engineering community, enthusiastically engaged in accomplishing the task of giving Pakistan the first private sector integrated steel manufacturing project of Al Tuwairqi Holding with initial capacity to produce 1.28 million tons of quality DRI.

Optimistic by nature, Adil has a strong faith in the economic future of Pakistan which in fact would be requiring many more such steel projects to cater to future needs of the growing engineering base of the country.

Replying to a question regarding the timing of establishing such a huge steel complex when the economic slowdown apparently has its impact on the overall economic and financial scenario of the country, Zaigham Adil Rizvi said in a firm tone he was quite hopeful of the good days and phasing out of the difficult economic situation. In fact it is not Pakistan alone facing the problems, it's a worldwide phenomenon and such challenges help building up the will and courage of the nations to meet the challenges.

Having an extensive local and international exposure to his professional career, Zaigham participated in several national and international conferences, moots and seminars and is eloquent in speech. Adil has various medals and awards to his credit. His performance-driven behavior towards work and a very strong faith in sincerity to purpose helps him achieve goals even under tough circumstances.

While discussing the prevailing economic situation he said "being a Pakistani I should naturally talk positively about Pakistan as you infer from the confidence and faith of Al-Twiarqi group which is investing in Pakistan". They are not influenced by the emotions but have the vision to foresee the economic potential of this country and its future role in the region. That is the reason the investors have chalked three phases of expansion of this project with a total investment of over one billion dollars.

Zaigham is currently working in the capacity of Director (Projects), Tuwairqi Steel Mills Limited and Director of TIPECO, both are the subsidiaries of Al Tuwairqi Holding. His down-to-earth vibrant personality and a firm belief on value system make him stand firmly against every challenge both in his personal and professional life.

Having a Masters degree in Electrical Engineering besides being Masters in Economics carries an extensive professional exposure spread over 28 years. He has worked for various top-notch public and private sector companies both in Pakistan and abroad. He possesses outstanding leadership skills and believes in unity and leadership.

Outlining the salient features of Tuwairqi Steel Mills Limited (TSML), he says that it is going to be the first private-sector integrated environment-friendly steel manufacturing project of Al Tuwairqi Holding. The plant, currently under-construction, spreads over an area of 220 acres at Bin Qasim Karachi and employs the world's most advanced DRI (Direct Reduction of Iron) technology of the MIDREX process owned by Kobe Steel of Japan. The development work is progressing on a fast track basis and the first phase of the project that constitutes a DRI plant to produce 1.28 million tons of high-quality DRI is targeted for completion in December, 2009.

In fact, the project has been planned over three phases. After initial phase of 1.28 million tons yet another 1.28 m capacity would be added to the project capacity and in the final phase with the additional 2.4 million tons the total capacity would be around 4.5-5 million tons at an estimated cost of $1 billion of the project.

Not only Pakistan but other countries in the region too have to rely on imported steel for quality products. With the completion of this prestigious project this quality steel complex would cater to the need of the domestic industry but also be a source of supply of quality products for the countries in the region. Currently, the production of steel and per capita consumption of steel is on the bottom rock of steel production and consumption in Pakistan. Keeping in view the potential market and a wide gap between demand supplies was the primary factor which attracts Al Tuwairqi to bridge this gap with his integrated steel plant in Pakistan.

Regarding raw material for the project, he said besides imports, Altuwairqi steel project has acquired concession blocks for exploration of iron ore within Pakistan. He was happy to share that the blocks acquired by Tuwairqi have succeed in finding out quality iron ore within the country which would be an added advantage of having quality raw material from local resources.

When asked about the power needs of the project, he disclosed that project has its own captive power plant with a capacity to generate 26 mw of power which should come into operation side by side the completion of the project.

PAKISTAN'S LIQUID FOREIGN RESERVES POSITION

The total liquid foreign reserves held by the country stood at $ 12,269.8 million on 4th July, 2009. The break-up of the foreign reserves position is as under: -

i) Foreign reserves held by the State Bank of Pakistan $ 8,963.8 million.
ii) Net foreign reserves held by banks (other than SBP) $ 3,306.0 million
iii) Total liquid foreign reserves $ 12,269.8 million