Dr Abdul Hafeez Shaikh, Federal Minister of Privatization and Investment, and Jahangir Khan Tareen, Federal Minister of Industries, Production and Special Initiatives, have directed all officials concerned for early resolution of critical issues pertaining to the privatization of Pakistan Steel Mills Corporation PSMC. They said all issues had to be settled ahead of privatization to complete the transaction in a transparent and smooth manner.

Pakistan government’s Privatization Commission Board had received 19 Expressions of Interest in response to its invitation to offer up to 75% shareholding in the PSMC to a strategic investor. Of the 19 parties, 13 parties had submitted their SoQs for the purpose of pre qualifying. Privatization Commission Board pre qualified 8 parties for entering into the data room for due diligence

The data room was opened in the first week of December and as per Federal Minister for Privatization and Investment Dr. Hafeez Sheikh the bidding for Pakistan Steel Mills would be held on December 31.

Now it is reported that only six potential bidders are taking part in the process of due diligence including
1. Al-Tuwairqi Group of Companies, Kingdom of Saudi Arabia, with Arif Habib Group of Companies, Pakistan
2. Magnitogorsk Iron & Steel Works, Russia
3. Investment & Development Office of Government of Ras Al Khaimah, United Arab Emirates
4. International Industries Ltd, Karachi

In addition two Ukrainian companies backed by Azovstal & IUD are reported to be undertaking due diligence