Name change for Tuwairqi okayed.

ISLAMABAD -- Despite pending litigation in the international court of arbitration and the objection raised by the Law Division, the caretaker government has granted in-principle approval for changing the name of Tuwairqi Steel Mills Limited to National Steel Complex Limited.

However, the approval is subject to endorsement by the Law Division.

In a summary moved by the Ministry of Industries and Production, it was claimed that the Law Division had endorsed the proposal of changing the name of Tuwairqi Steel Mills to National Steel Complex.

However, during a recent meeting of the Economic Coordination Committee (ECC), it was pointed out that the Law Division had not yet endorsed the proposal.

The Ministry of Industries told the ECC that Tuwairqi Steel Mills, a subsidiary of Al-Tuwairqi Group of Companies of Saudi Arabia, was notified as a unit of the Export Processing Zone (EPZ) on October 15, 2005.

Tuwairqi Steel started production in early 2013 but it went into shutdown mode in September 2013 due to financial losses and asked the government of Pakistan to announce a...