Islamabad: According to news released on Thursday, three Chinese corporations have expressed interest in reviving Pakistan Steel Mills (PSM), the country’s largest steel producing complex (October 7).
Metallurgical Corporation of China, according to sources, is one of the companies that has expressed interest (MCC). According to reports, the corporations are eager to come to Pakistan to help revive PSM. MCC, as a state-owned iron and steel corporation, aspires to be a model business that improves social welfare and the local economy in order to foster economic cooperation between Pakistan and China.
According to authorities at Pakistan’s Privatisation Commission, the government intends to seek USD 1 million in foreign investment for PSM’s resurrection by the end of the year. Russian investors were also indicated as being interested in reviving PSM.
PSM also has the capacity to produce three million tonnes of cold and hot-rolled steel per year, according to reports. A new subsidiary, Steel Corp Limited, will be founded and offered to foreign investors, according to the plan.