Pakistan’s International Steels profit plunged 72% to PKR 655.6 million in the nine month period ended March 31, 2020 as against profit of PKR 2.359 billion in the corresponding period of previous financial year. The steel manufacturer reported net sales of PKR 38 billion in Jul-Mar of current financial year, which was 9.5% lower than PKR 42 billion in the same period of last year. On the other hand, gross profit of the company declined 26% to PKR 3.4 billion in the nine months under review compared to PKR 4.6 billion in the same period of previous year. 

 

International Steels Limited is the largest Flat Steel manufacturer in Pakistan. The company was incorporated in 2007 and commenced production in 2010, with equity contributions from Sumitomo Corporation, JFE-Japan and the International Finance Corporation, a division of the World Bank. To date, the company has invested approximated USD 250 million in establishing a state-of-the-art flat steel complex.（STEELGURU）