Karachi, January 1, 2024 – A somber day unfolded at Agha Steel Industries as an unfortunate incident at the plant site resulted in the tragic loss of two lives, as confirmed in an official statement released on Monday.
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Agha Steel, Saima Group launch green housing structure project
KARACHI: Agha Steel Industries Limited, a leading Steel manufacturing company has signed an agreement with Saima Group for exclusively providing Green Electric Arc Furnace Technology steel rebars to its first of a kind Eco-Friendly Green Housing Structure Project “Saima Premium Residency”.
Saima Group is a name associated with quality and trust in the real estate planning and development sector of Pakistan, having successfully delivered many mega projects for both residential and commercial to its customers.
Addressing the occasion Zeeshan Zaki, Chairman Saima Group said: “We are very excited to launch Saima Premium Residency as Pakistan’s first Eco-Friendly Green Housing Structure project that shall be built exclusively with the finest and most technologically advanced rebars supplied by Agha Steel. In accordance with our long term goal of transforming into an environmentally conscious organization, it is our aim to partner with firms that share our values to give sustainable developments for our future residents.”
He further added: “We couldn’t have found a better partner than Agha Steel for providing Steel for this visionary project as they are the only company in Pakistan that provides 100% refined quality steel by using green steel technologies.”
At the signing ceremony Hussain Agha, CEO Agha Steel, also expressed his view and noted: “We are delighted to be entering into this agreement with Saima Group for providing steel to Pakistan’s First Eco- Friendly Green Structure Project. This is a great initiative by Saima Group as the leaders of the industry must play a pivotal role to ensure a sustainable and greener future for our generations to come. This agreement is testament to our aligned visions and ambitions for a Greener Pakistan.”
Agha Steel Industries led a Green Steel Revolution through sustainability of its energy mix by installing a 2.25 Megawatt solar power project and signing a term Sheet with Engro Energy for Renewable Energy. Agha also stated, “Our State of the art plant utilizes scrap-based Electric Arc Furnace (EAF) technology. By using recycled scrap for our raw material, we reduce the need for natural resources. Our CO2 Scope 1 green-house gas emissions and energy consumption intensities are approximately 7 times less than the global steel making average, making the Green Arc Furnace Technology environmentally friendly.”
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Agha Steel to install 2.25MW solar power project
KARACHI: Agha Steel Industries has signed a contract with Renewable Power Pvt. Ltd. for installing a 2.25 Megawatt solar power project at its production facility located at Port Qasim Karachi, a statement said on Wednesday.
Meezan Bank Ltd is the banking partner for this transaction. This would be among one of the largest solar power projects installed by a steel manufacturer in Pakistan.
According to a statement this project will initiate a Green Steel Revolution at Agha Steel Industries by helping in sustainability of its energy mix and at the same time reducing the burden on national grid. The 2.25 Megawatt solar power project would also reduce the carbon emission by 46,000 tons in a lifespan of 20 years.
This solar power plant, being installed on the self-consumption basis, will produce around 3.3 million units of clean and renewable electricity every year, which will result in a significant drop in the carbon footprint of Agha Steel Industries. The company is currently undergoing an expansion to increase its rebar capacity to 650,000 from current 250,000 tons per.
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Agha Steel enlisted as supplier for military projects
KARACHI: Agha Steel Industries on Tuesday announced that Military Engineering Services (MES) of the Pakistan Army has enlisted the company as manufacturer-cum-supplier.
In a communication sent to Pakistan Stock Exchange (PSX), the company informed that Military Engineering Services (MES) of Pakistan Army had enlisted Agha Steel Industries Limited as the manufacturer cum supplier of deformed steel bars for its projects.
The Engineer-in-Chief’s branch has already issued the company a provisional certificate of enlistment/registration.
“It is a major milestone for us,” Hussain Agha, the young chief executive officer (CEO) of Agha Steel said in a statement.
“We are grateful to the MES for enlisting us as a manufacturer-cum-supplier of quality steel products. God willing our company will come up to their expectations of the military, meet its requirements and help it build Pakistan.”
MES is an inter services organization responsible for designing, construction and maintenance of buildings, road, airfields, bridges, electricity, water supply, sewerage, Sui gas, drainage, furniture and stores services for Army, Navy, Air Force and DP Division.
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Agha Steel’s IPO receives overwhelming response
KARACHI: The Initial Public Offering (IPO) of Agha Steel has received overwhelming response from investors as it was oversubscribed at the book building phase on Wednesday.
The IPO received an overwhelming response from institutional investors and high net worth individuals as the strike price clocked in at Rs32 per share, higher than the floor price of Rs30, a statement said.
The book-building phase of the Initial Public Offer (IPO) of Agha Steel concluded with investors oversubscribing it by as much as 1.63 times.
This means Agha Steel is going to raise Rs3.8 billion in total, making it the largest IPO in the steel sector and the second-largest IPO in the private sector.
Brokers and investment advisory firms had issued almost unanimous calls to ‘subscribe,’ which resulted in investor demand amounting to Rs4.4 billion against the IPO’s book-building size of Rs2.7 billion.
The general public will subscribe to the remaining 30 million shares (25 percent of the total offer size) on Oct 14-15 at the strike price of Rs32.
The company will use IPO proceeds to finance the expansion of its re-rolling capacity from 250,000 metric tons to 650,000 MT. It will increase the reinforcing bar production capacity by 160 per cent.
Brokerage houses anticipate steady growth in the company’s bottom line owing to a substantial rise in construction activities across the country. The main product of Agha Steel is reinforcing bars that are used in the construction of megastructures, roads, bridges, skyscrapers and homes.
In a research report last week, AL Habib Capital Markets stated that it expected the share price of Agha Steel to hover around Rs57 by June 2022. The target prices stated by Pearl Securities and KASB Securities are Rs50 and Rs42, respectively.
In a message on social media, Agha Steel CEO Hussain Iqbal Agha expressed his gratitude to investors and their historic overwhelming response. He vowed to ensure growth of their shareholders’ equity.
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Agha Steel signs Rs10 billion worth sale agreement with Horizon Steel
KARACHI – In a major step toward boosting domestic steel production and reducing reliance on imports, Agha Steel Industries has signed a strategic memorandum of understanding (MoU) with Horizon Steel to supply 100,000 metric tons of low-carbon billets annually. The deal, valued at approximately Rs 10 billion per year, marks a significant milestone for the Steel sector in Pakistan.
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