Steel pipe manufacturer PSL Limited  has informed that the Company's subsidiary PSL FZE, based in Sharjah, UAE, has been awarded an order for supply of steel pipes aggregating US $45 million.

The Contract from M/s. Hanwa Co. Ltd, Japan has been awarded for approximately 60 kms of steel pipes for the offshore Palm Beach Housing Complex in Jebel Ali, UAE, being developed by Nakheel Corporation. PSL shall be supplying pre-coated piling pipes fabricated from special steel along with external anti- corrosion coating.

The awarding of the aforementioned contract valuing approximately US $45 million is to be supplied by PSL's international subsidiary. PSL FZE is located in the Hamriyah Free Trade Zone U.A.E.

Since the production and supply of these special grade pipes will be from PSL's Hamriyah FTZ facility, no export taxes will apply to this and other Middle East market orders executed from this PSL mill.