China, Russia and Korea interested in restoration of Pakistan Steel Mills.

ISLAMABAD -- Foreign investors from China, Russia and Korea are taking interest in the revival of Pakistan Steel Mills (PSM), which is closed since 2015.

The government had already announced to run PSM through Public-Private Partnership to revive the Mill. A high-level meeting was informed yesterday that meetings are being held with potential investors regarding the revival of Pakistan Steel Mills (PSM). These investors/parties are from China, Russia and Korea and the meetings are being held almost on daily basis.

Federal Minister for Privatisation, Mohammed Mian Soomro chaired a meeting regarding transaction updates, legal matters and e-office in the Ministry. Privatisation Federal Secretary and other senior officers of the Ministry and Privatisation Commission attended the meeting. Federal Minister was briefed that the detailed meetings are being held with potential investors regarding the revival of Pakistan Steel Mills (PSMC).

These investors/parties are from China, Russia and Korea and the meetings are being held almost on daily basis. The Minister was also told that the land valuation of PSM will be completed by the end of January and that Expression of Interest (EOIs) regarding PSM will be sought in March this year.

It is worth mentioning here that the Mill was closed down in 2015. The loans and liabilities had increased to Rs230 billion and losses to Rs200 billion. The federal government has to pay Rs750 million for salaries and pensions of the PSM...