Pakistani firm to import iron ore from India

Monday, 28 July 2003, 07:00 Hrs   |    1 Comments
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ISLAMABAD: The state-run Pakistan Steel Mill (PSM) has decided to import 1.3 million tones of iron ore worth $14 million dollar from India.

The import will take place between September 1, 2003, and August 30, 2004, according to an official at the ministry of industries.

Although Pakistan has been importing iron core from India, this is for the first time such a huge quantity is being bought. Previously most ore imports were made from Australia.

Last year, PSM imported only 0.6 million tons of iron ore from India.

"Though the contents of iron in the ore from Australia are more, the commodity from India is cheaper," the ministry official said.

PSM has hired the services of a South Korean firm to transport the iron ore.

The Ittefaq Steel Mills owned by the family of former prime minister Nawaz Sharif also used to import raw iron and ore from India. But most of the imports were made through Dubai.

Source: IANS
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