Hafiz Steel Ltd was founded in 1990 by three partners in Pakistan and originally operated as Khalid Engineering producing steel rollers. In 2004, the partnership broke up and the company was fully owned and renamed Hafiz Steel Limited by Haji Muhammad Yousaf until his death in 2006. The business is now run by his three sons and operates out of a 4 kanal factory employing over 50 people in a single daily shift. The company produces iron products for business-to-business customers and opened a new production center in 2017. Hafiz Steel Ltd sources raw materials internationally from four main suppliers but also uses occasional local suppliers when needed.