History
International Steels was founded by Amir Sultan Chinoy in 2007 as a joint-venture between International Industries Limited, Sumitomo Corporation, and JFE Steel. [6] [3] Its plant was commissioned in 2010 at a cost of $162 million and it had a capacity to produce 280,000 tons per annum of cold rolled coil from hot rolled coil, including 150,000 tons per annum of galvanized steel. [7] The plant is located in the industrial estate of Landhi. [8] The project received $18.40 million loan from the International Finance Corporation which included a convertible loan of $6.4 million. [7]
In June 2011, International Steels was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 14.06. [9]
In March 2016, International Steel increasing its annual production capacity to over 500,000 metric tons which included 400,000 metric tons of galvanized steel. [5] [10] The project which cost Rs 3.2 billion involved upgrading the cold rolling mill (CCM), adding a second galvanizing line, and establishing a colour coating steel plant. [10]
In June 2018, International Steel commissioned a new plant which further increased its production capacity to 1 million tons per annum. [11] [12]
The Competition Commission of Pakistan (CCP) levied substantial financial penalties on two major flat steel producers, Aisha Steel Mills Limited (ASML) and International Steels Limited (ISL), for engaging in cartelization and price-fixing in violation of Section 4 of the Competition Act, 2010. The CCP's final order, issued on October 8, 2025, imposed a fine of Rs. 648.3 million on Aisha Steel Mills and Rs. 914.2 million on International Steels for coordinating pricing strategies, fixing flat steel prices, and exchanging sensitive commercial information over a three-year period, from July 2020 to December 2023. The investigation found that the collusion resulted in an average price increase of 111% for flat steel products, and the penalties imposed were equivalent to 1% of each company's annual turnover for the financial year 2021-2022. [13]
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Rs. 76.75 billion (US$270 million) (2023)