Advisor to the Prime Minister on Finance Dr Salman Shah said Pakistan Steel Mill Corporation PSMC is being privatized so that the mill could be revamped and expanded to its design of 3 mtpy.

Rising on the surge of steel prices, Pakistan Steel has seen a turnaround to record Rs 6 billion after tax profit. The payments of Rs 9 billion in the form of sales and income tax paid in last financial year has helped in boosting national economy.

AS many as 21 local and foreign companies have shown keen interest so far in the privatization of PSM. These companies belong to the countries like China, Ukraine, England, Saudi Arabia and Pakistan and hoped that more companies would seek for the privatization of Pakistan Steel Mills with passage of time.

A consortium led by Citigroup Global Markets Limited is advising the PC on this transaction. Pakistan Steel is the first integrated iron and steel works of Pakistan, which was set up with techno - economic collaboration of the former USSR. It has a production capacity of 1.1 million tones per annum with built-in potential for a total 3.0 million tones per annum capacity.