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Business & Finance

Chinese, Russian companies eye to purchase PSM, informs Azhar

  • We have received expressions of interest from 12 global companies for the privatization of the PSM, and six of them have visited the facility, said Azhar.
16 Jul 2020

A number of Chinese and Russian companies are eager to purchase the Pakistan Steel Mills, informed Federal Minister for Industries and Production Hammad Azhar.

The federal minister maintained that at least 12 Chinese and Russian firms have expressed interest in the privatization of PSM. “We have received expressions of interest from 12 global companies for the privatization of the PSM, and six of them have visited the facility, of which three are serious about purchasing it," the minister said.

"These companies are from China and Russia," Azhar mentioned, adding that the mills could only be bought by an international company since local investors did not have the capability to do so.

The federal minister claimed that the Supreme Court (SC) had already sought a plan regarding the PSM's privatization and the government would go into the privatization process in accordance with the SC's orders.

"An investment of more than $1 billion is required to run the PSM," he told.

Back in December, Business Recorder reported that the Privatization Division was contacted by eleven international companies from Russia, China, the US, and Pakistan for information regarding the revival of PSM.

The representatives of two Chinese companies - Metallurgical Corporation of China Ltd (MCC) and NHI International Trade Company - visited the Privatization Division and showed interest in the revival of PSM. They have already visited Privatization Division and discussed the revival plan of PSM.