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Tag: Amreli Steels

  • Amreli Steels extends shutdown of production plants

    Amreli Steels extends shutdown of production plants

    KARACHI: Amreli Steels Limited on Monday announced to continue its shutdown of production plants up to September 30, 2022.

    “The company will resume its production from October 01, 2022,” according to a communication received by the Pakistan Stock Exchange (PSX).

    It further said that the company had sufficient stocks in hand to meet its customers’ demand during the period of shutdown.

    READ MORE: Amreli Steels stops all production facilities

    Previously, on August 31, 2022 the company decided to shut down its plants for twenty days owing to low demand of steel bars in the country due to unprecedented monsoon rains and flash floods witnessed across the country.

    Therefore, the company decided that no manufacturing would take place from August 31, 2022 to September 19, 2022.

    Through the latest communication, the company decided to shut down the plant for further 10 days as sufficient stocks were available to meet demands.

  • Amreli Steels stops all production facilities

    Amreli Steels stops all production facilities

    KARACHI: Amreli Steels Limited on Wednesday announced to shut down all production facilities with immediate effect for about 20 days.

    In a communication sent to Pakistan Stock Exchange (PSX), the company informed about the shutdown of its plants.

    “The company has decided to shut down its plants for twenty days owing to low demand of steel bars in the country due to unprecedented monsoon and flash floods witnessed across the country,” the company said.

    Consequently, no manufacturing will take place from August 31 to September 19, 2022.

    The resumption of operations or further extension in production suspension (as the case may be) will be communicated accordingly, it added.

    The company stated that this information was being conveyed in accordance with the requirements of Regulations of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.

  • Meezan Bank, Amreli Steels sign agreement for dealers collection

    Meezan Bank, Amreli Steels sign agreement for dealers collection

    KARACHI: Meezan Bank, the largest Islamic bank in Pakistan, and Amreli Steels Limited have joined hands to streamline dealers collections.

    Under this transaction banking agreement, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Amreli Steels to fully automate its dealer collections, a statement said on Tuesday.

    The partnership will further create value for Amreli Steels by serving as an end-to-end transaction banking solution delivering standardized reporting, greater safety and efficiency.

    The agreement was signed by M. Saqib Ashraf – Head of Transaction Banking, Meezan Bank and Taha Umer – Financial Controller, Amreli Steels Limited. Also present at the occasion were Senior Executives of both organizations including Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank, Amanullah Shaikh – General Manager South, Corporate & Institutional Banking, Meezan Bank, Shayan Akberali – CEO, Amreli Steels Limited and Fazal Ahmed – CFO & COO, Amreli Steels Limited.

    Abdullah Ahmed, while speaking at the occasion said, “It is a pleasure to on-board Amreli Steels as a Transaction Banking customer.

    Meezan Bank has always been a futuristic institution that aims to create even more attractive offerings to facilitate its customers.

    At Meezan, we realize that corporations of all sizes need creative cash management strategies to support their operations and we are glad that Amreli Steels has taken this initiative.”

    Shayan Akberali also commended the Bank for successfully launching cash management services and bringing forth operational efficiency in their collections process.