PSM aims to import iron ore from India
Pakistan Steel Mill (PSM), India's biggest state owned steel facility, is aiming to import 1.3 million tons of iron ore worth $14 million from India. The delivery period will be between September 1, 2003-August 30, 2004. PSM imported 600'000 tons of iron ore from India last year. This is the first time for Pakistan to import such a big quantity. Previously, Pakistan has mostly imported iron ore from Australia. However, Pakistan stated that the commodity from India is cheaper than Australia. The transportation of iron ore will be done by South Korean company.