Islamabad: As many as three Chinese companies have shown interest in the revival of Pakistan Steel Mills (PSM) – the largest steel manufacturing complex of Pakistan, according to news published on Thursday (October 7).
According to sources, the companies that have shown interest include Metallurgical Corporation of China (MCC). It was reported that the companies are willing to come to Pakistan to work on the revival of PSM. MCC – as a state-owned company in the iron and steel industry – aims to become a model business to boost economic cooperation between Pakistan and China through the improvement of social welfare and the local economy.
As per the officials at the Privatisation Commission of Pakistan, the government expects to attract foreign investment of USD 1 million by the year-end for PSM’s revival. It was mentioned that Russian investors were also interested in the revival of PSM.
Furthermore, it was reported that PSM has the capacity to produce three million tons of cold and hot-rolled steel annually. According to the plan, a new subsidiary – Steel Corp Limited – will be formed that will be offered to foreign investors.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
