Agha Steel Industries Enters into Acquisition and Raw Material Partnership for Expansion

Material Information

Karachi, Agha Steel Industries Limited has disclosed significant developments in line with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a)(xvi) of the PSX Rule Book's listing regulations.

The company has finalized a pivotal contract for the acquisition of a 50 cubic meter (m3) Blast Furnace, marking a strategic move towards backward integration. This furnace will complement the company's existing Arc furnace, enhancing its operational capabilities and expanding its production capacity.

In addition to this, Agha Steel Industries Limited has forged collaborative partnerships with Iron ore mine owners located in Khyber Pakhtunkhwa (KPK). These partnerships secure exclusive raw material supply arrangements for the company's newly acquired blast furnace.

Furthermore, the company aims to leverage its access to iron ore from these mines to explore international markets. This venture will be executed based on the commercial viability of international trade, positioning Agha Steel Industries Limited for potential global expansion in the iron and steel sector.

These strategic initiatives highlight the company's commitment to growth, diversification, and long-term sustainability in the industry. Agha Steel Industries Limited continues to explore opportunities that strengthen its position and contribute to its overall success in the market.