Pakistan Steel Mills tender to be held today

Pakistani sources report that all arrangements have been finalized to hold bidding for a 75 percent stake in Pakistan Steel Mills Corporation (PSMC) in Islamabad today. Two consortia will be participating in the tender today. One consortium includes M Magnitogorsk Iron & Steel Works Open JSC (Russia), TuwairqiSteel Mills (Saudi Arabia) and Arif Habib Securities, while the other consortium includes Noor Financial (Kuwait), Industrial Union of Donbass (Ukraine), the government of Ras Al Khaimah and Al-Jomaih Holdings (Saudi Arabia). PSMC, which manufactures a wide mix of products, including both flat and long products, is the country's largest and only integrated steel manufacturing plant, with an annual production capacity of 1.1 million tons.