Investors from China, South Korea and Russia show interest in Pakistan Steel Mills

Wednesday, 22 September 2021 15:39:48 (GMT+3)   |   Istanbul

The Ministry of Privatisation of Pakistan has stated that the leading investor consortiums from China, South Korea and Russia have showed interest in investing in Pakistan Steel Mills (PSM) during roadshows conducted by the ministry in Islamabad for international and national investors.

PSM is non-functional since 2015 and the government has decided to divest PSM’s subsidiary Steel Corp.’s 51 percent to 74 percent shares through a competitive and transparent bidding process for the revival of the PSM.

The transaction is expected to be completed in the second quarter of next year.

Federal Minister Mohammedmian Soomro reiterated that Pakistani government will welcome the foreign investment in Pakistan and will provide all possible facilities/support and necessary information to investors. The revival of Pakistan Steel Mills and its functioning on its full capacity is the prime focus of this whole process, its revival would bode well for the economy of the country by fulfilling the indigenous demand for iron and steel, which currently is imported from China, Germany and Japan.

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