PSMC bidding scheduled for end of month

PSMC bidding scheduled for end of month

Pakistan's Privatization and Investment Ministry is spending efforts to hold Pakistan Steel Mills Corporation's (PSMC) privatization bidding on January 31, 2006. The ministry held a pre-bid conference on January 16 to respond to the questions of the participating potential bidders before the final bidding. There are five pre-qualified potential bidders: 1. Al-Tuwairqi Group of Companies (Saudi Arabia) with Arif Habib Group of Companies (Pakistan). 2. Government of Ras Al Khaimah (UAE) 3. International Indstries Ltd. (Pakistan) and Industrial Union of Donbass (Ukraine) 4. Magnitogorsk Iron & Steel Works (Russia) 5. Noor Financial Investment Company (Kuwait) The bidders will have to deposit $30 million four days prior to the bidding date in order to participate in the bidding process which will be carried out in two rounds. PSMC is Pakistan's largest and only integrated steel manufacturing plant, with an annual production capacity of 1.1 million tonnes.