Pakistan halts handover of PSM

The Supreme Court of Pakistan took a decision on Tuesday to block the handover of Pakistan Steel Mills (PSM) to a three-firm winning consortium, which include Arif Habib Group of Pakistan, Al Tuwairqi Group of Saudi Arabia and Magnitogorsk Iron and Steel Works (MMK) of Russia, after the labor unions protests. Workers at PSM protested the outcome of the auction of 75 percent of the plant which was won by the three-firm consortium with a bid of $362 million, calling it too cheap, claiming that even value of the land PSM stands at is worth more than twice of the winning bid. The court warned the consortium that they would lose all legal right if they proceed with the privatization. It also said that the hearing would resume on May 30 and until then it would not grand any further adjournments.