Islamabad: Federal Minister for Industries and Production Hammad Azhar on Wednesday clarified that the Pakistan Steel Mills (PSM) would run on a Public-Private Partnership (PPP) basis; rather than be completely privatized, according to a news report.
He made this clarification while briefing the Senate Standing Committee on Industries and Production. Azhar revealed that bidding for a joint venture will take place later in this year. In addition, he shared that 12 international companies had expressed their interest in the PSM; with six of them already having visited the mills. He further revealed that some land belonging to the PSM would also be leased, in order to make it more self-reliant.
These measures, along with a few other suggestions by meeting members, were proposed to reduce the economic burden of the PSM on taxpayers, and reduce the import of steel in Pakistan. With the PSM eventually becoming operational and self-sustaining, the economic impact would be quite positive.
