Pakistan’s Daily Times has reported that The Pakistan Steel Mills has unveiled a plan to the government seeking a complete overhaul of the mills during a presentation was made at a meeting held at the ministry of industries, production and special initiatives last week. PSMC management described these plans as essential for the PSM to survive as a viable industrial unit.

As per reports, if the mill is revamped and partially expanded to 1.5 MT, its expenditure could be between $150 million to $200 million and its expansion to three million tons per year as per original plans would involve $1 billion.

Mr Mohammad Javed chairman of PSM demanded that fresh investment is necessary to fetch a good price for the industrial unit, which is being operated in the public sector.

The report mentions that Pakistan government has indicated that the management could be allowed to make investment to such an extent that could enable the mills for resale through privatization.