Pakistan steel exporter sets up subsidiary in Ireland to tap European markets
The listed steel exporter shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
'A new venture has now been launched by IIL in Europe. The company has set up a fully owned subsidiary, 'INIL Europe Limited,' in Ireland, with the primary goal of expanding its global presence by trading its products in Ireland and other European Union countries,' read the notice.
The company stated that it remains focused on the sustainable expansion of both its domestic and export portfolios, while also exploring new revenue opportunities.
'To this end, the company is evaluating various new ventures, planning to introduce new products, and targeting exciting new markets. In line with this strategic direction, IIL has already established subsidiaries such as IIL Australia Pty Ltd. in Australia, IIL Americas Inc. in Canada, and IIL Trading (Pvt) Ltd. in Pakistan.'
International Steels Limited
Over the past five years, IIL's exports have surpassed $150 million, with its products sold in more than 60 countries, including Australia, North America, Europe, Africa, the Middle East, and South Asia.
The company believed that the new European subsidiary would play a key role in opening new markets for IIL products and promoting the 'Pakistan' brand in Europe.
'This venture will also contribute to earning foreign exchange, supporting the economic growth and sustainability of both IIL and the country. The company is confident of leveraging its brand and reputation to establish a rewarding niche in Europe,' it added.
Incorporated in Pakistan in 1948, IIL is the country's largest manufacturer of steel and polymer pipes with an annual manufacturing capacity of 817,000 tons and annual revenues of Rs37.8 billion.
The company has an equity of Rs14.5 billion and has featured on the listing of Pakistan's Top 25 Companies for the last 14 years.
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