Pakistan’s Cabinet Committee of Privatisation has stated that investors from China, Russia and South Korea are interested in the revival of Pakistan Steel Mill Corporation (PSMC).
Meetings with potential investors are being held almost on a daily basis. The land valuation of PSM will be completed by the end of January and interest in PSM will be sought in March this year.
Matters relating to the privatization/divestment of shares and options regarding management control of distribution companies were also discussed at the meetings. The final decision will be taken after receiving proposals from the Ministry of Power and other relevant forums.
The privatization of the mill, which was shut down in 2015, will create employment, reduce debt and ease the pressure on the country’s economy, as SteelOrbis previously reported.