The management of the Pakistan Steel Mills has sought the permission of the federal government to urgently revamp the mills with enlisting its 10% shares on the stock market. As per reports in local dailies that after the verdict of the Supreme Court against the privatization the biggest challenge before the management of the Mills was to restore some of the aging plants on fast track basis.

It is reported that the management has informed the authorities that the Mills has with it Rs10 billion equity which could be spent on carrying out the necessary revamping in a shortest possible time. As per reports the management has informed the higher authorities that major revamping work involved the restoration of coke oven batteries plant so as to expand its life for another 3 to 4 years.

Sources said it would take six to nine months to once again plan the privatization of the Mills after the clearance by the Council of Common Interests and also by the approval of the Cabinet Committee on Privatization.