Islamabad: Pakistan Steel Mills (PSM), Pakistan’s largest steel manufacturing complex, is expected to receive at least $1 billion in foreign investment by the end of the year, according to a senior official at the Privatisation Commission, with investors from Russia and China expressing interest in running the facility as part of a consortium.

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According to Arab News, officials believe the PSM has the capacity to expand to manufacture three million tonnes of cold and hot-rolled steel annually. The plan calls for the establishment of a new company, Steel Corp Limited, on the Pakistan Steel Mills’ premises in order to sell the massive industrial complex to international investors.

Rather than selling or privatising the Mills, the government wants to resurrect the unit’s operation and production with the support of international investors in order to fulfil rising steel demand in the region.

According to him, the Privatization Commission recently performed road shows in Islamabad to measure local and global investor interest in the steel mill. “We’ve gotten a lot of positive feedback from overseas investors, notably from China and Russia,” Naqvi said.

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Pakistan’s annual steel demand stands at about eight million tons whereas local production fluctuates in the range of three to four million tons. The country fills the gap by importing steel and iron from Japan and other countries.

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