ISLAMABAD (News Desk) – Companies from Russia, China and now South Korea have expressed interest in reviving Pakistan Steel Mills. The mills will be run under a public-private partnership and the production capacity will be increased from 1 million to 3 million tonnes.
A meeting of the National Assembly’s standing committee on Industry and Production was held under the chairmanship of Sajid Turi on Wednesday. The meeting was briefed that Pakistan Steel Mills would remain as the holding company of the partnership. Russian, Chinese and Korean companies are showing interest in Pakistan Steel Mills and a sub-committee will be set up for the privatization of Pakistan Steel Mills.
It was informed in the meeting that non-core assets of Pakistan Steel Mills would be transferred to the subsidiary company. PSM has 18,000 acres of core land and 1,268 acres of non-core land, which will be valuated.
According to officials, the land and plant of Pakistan Steel Mills would not be sold off. The core land will remain with Pakistan Steel Mills whose privatization would be completed by June this year.
Committee member Osama Qadri said that instead of providing employment, the government was making people unemployed. The government came to power with the promise of getting Pakistan Steel Mills back on its feet but it is only minting money by selling off national assets, he said.
Agha Rafiullah inquired whether the approval for privatization of Pakistan Steel Mills was obtained from CCI. He said the Prime Minister stood at the door of the steel mills and announced that the mill should be run by the government.