The Pakistani government has been offered $1-1.5 billion for the purchase of majority stakes in Pakistan Steel Mills (PSM) with leading investor consortiums from China and Russia expressing interest, according to media reports.
Baosteel, which is one of the four Chinese companies that visited the country and met with government authorities to negotiate the purchase of PSM, has shown interest in the stakes.
It has been decided to privatize PSM in the third quarter of the current fiscal year 2022-23. Prior to that, the transaction was expected to be completed in the second quarter, as SteelOrbis previously reported.
PSM currently has an annual production capacity of one million mt. Following the privatization, PSM’s capacity may be increased to two million mt in the second year and three million mt in the third year.
