Lahore (Web Desk): Chinese steel manufacturer Baosteel has won a bid to supply steel to the ongoing nuclear coastal power plants (K-2 K-3) in Karachi, Chinese media reported.
With the state-owned Baosteel supplying Pakistan with relevant resources for Karachi’s two upcoming nuclear power stations, Global Times reported that China is now the fourth nation in the world after the United States, France and South Korea to independently export third-generation nuclear power technology.
Prime Minister Nawaz Sharif inaugurated the K-2 power project at the Karachi Nuclear Power Plant (Kanupp) in 2015. The power plant is said to be the largest in the country and will generate 1,100MW electricity upon completion.
The World Nuclear Association had earlier estimated the cost of the new project at nearly $10 billion.
Following the announcement, the shares of Baosteel closed at 6.50 yuan (94 cents) on Monday, down by a 0.76pc since its opening.
The National Tariff Commission (NTC) in February had imposed definitive anti-dumping duties on imports of galvanised steel coils and sheets in the range of six to 41 per cent.
On the request of domestic producers of galvanised steel coils and sheets, the NTC had initiated an investigation on Aug 11, 2015 against dumping of galvanised steel coils and sheets from China into Pakistan and its impact on the domestic industry.