Pakistan Steel Mills tender concludes

The Russian-Saudi-Pakistani consortium has won the sale of 75 percent stake of Pakistan Steel Mills Corporation (PSMC) today. The consortium, made up of Russia's Magnitogorsk Iron & Steel Works Open JSC, Saudi-Arabia-based Al-Tuwairqi Group of Companies and local firm Arif Habib Securities, paid a total of PKR 21.6 billion (around $361 million) or PKR 16.8 per share, to take control of Pakistan's only integrated steel manufacturing plant.