PHOTO: FILEThree Chinese companies including Metallurgical Corporation of China (MCC) have shown interest in reviving Pakistan’s largest steel manufacturing complex – Pakistan Steel Mills (PSM). Sources in the Privatisation Commission of Pakistan said earlier that the government was expecting at least $1 billion in foreign investment by the end of the year to revive Pakistan Steel Mills. PSM six-month liability stands at Rs67.1b, Senate toldPakistan Steel Mills has the capacity to expand and produce 3 million tons of cold and hot-rolled steel annually. There is a plan to create a subsidiary, Steel Corp Limited, in the premises of Pakistan Steel Mills in a bid to offer the mammoth industrial unit to foreign investors. Pakistan’s annual steel demand stands at about 8 million tons whereas local production fluctuates in the range of 3-4 million tons.

Source: The Express Tribune October 06, 2021 03:54 UTC