Karachi: International Steels Limited (ISL) has released its 17th Annual Report, outlining a year of strategic maneuvers and sustainability initiatives amidst a tumultuous global steel market. The company announced the successful merger with Liven Pharmaceuticals Pvt. Limited, now rebranded as Liven Pharma Limited, and the upcoming installation of a significant solar power facility, marking critical steps in its adaptive business strategy.
The global steel industry faced significant headwinds this past year, with price volatility and supply chain disruptions leading to a 9% drop in hot rolled coil prices and notable fluctuations in raw material costs. Despite these challenges, ISL maintained a strong market presence, securing a 21% share in a declining market, as detailed in the report dated June 30, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the merger between ISL and Liven Pharmaceuticals was finalized by a High Court order on September 2, 2024, with all assets and liabilities of Liven Pharmaceuticals now integrated into Liven Pharma Limited. This strategic realignment allows the newly formed entity to capitalize on synergies and diversify its product offerings beyond traditional steel manufacturing.
In response to economic pressures within Pakistan, including a GDP growth of 2.4% primarily driven by agriculture and subdued industrial and service sectors growth, ISL has committed to several forward-thinking initiatives. The installation of a 6.4 MW solar power facility at its factory is set to reduce energy costs and dependency, while investments in Supply Chain Management Software aim to enhance inventory control and customer satisfaction.
The company’s sales revenue reached PKR 69.3 billion, bolstered by a 42% increase in export volumes and product diversification, including specialized grades for the automotive sector. These initiatives have positioned ISL to navigate the economic downturn effectively, focusing on operational excellence and market expansion.
Looking ahead, ISL anticipates a dynamic environment but remains optimistic due to its robust financial standing and strategic focus. The company plans to continue prioritizing cost management, sustainability, and technological advancements to maintain competitiveness and ensure long-term growth.