Pakistan’s Business Recorder reported that Paksitan’s Privatisation Commission meeting with pre qualified bidders of Pakistan Steel Mills privatization was attended byBaowu’s Xinjiang Bayi Iron & SteelTangshan Donghua Iron & SteelMaanshan Iron & SteelFederal Minister for Privatisation Mr Mir Abid Hussain Bhayo chaired meeting along with Privatisation Commission Chairman Mr Saleem Ahmad responded to the queries& inquiries from the pre-qualified bidders. The pre-qualified bidders inquired about the potential timeline for the approval of the scheme of arrangement included in the transaction structure of PSMC, valuation procedure, likely dilution of the GoP shares, utility connections and use of jetty and land lease agreements.Pakistan Government’s Privatisation Commission has published an advertisement in September 2021 asking for Expression of Interest for Pakistan Steel Mills revival from both national and international investors and later shortlisted bifdder as per qualification criteria. After the pre-qualification of bidders, the buyer side due diligence was initiated by granting access to Virtual Data Roomsince March, 2022. A request was also made for the technical professionals of each pre-qualified bidder to visit PSMC for inspection & assessment of the steel plant, jetty, etc. Presently, buyer side due diligence is ongoing; however, confirmation of the site visit is still awaited.Pakistan Steel Mitts Corporation (Private) Limited a private company Ignited by shares wholly-owned by the Government of Pakistan, located at 40 KMs South-East of Karachi at Bin Qasim, is Pakistan's largest integrated steel manufacturing plant having designed production capacity of 1.1 million tonnes per annum with a built-in potential for expansion up to 3.0 million tonnes per annum. The main production units include collectively the buddings, superstructure and plant, machinery, equipment etc. installed on the PSM Core Land, include Coke Oven & By Product Plant, Sintering Plant, Iron Making Plant, Steel Making Plant, Billet Mill, Hot Strip Mill, Cold Rolling Mill, Galvanizing Plant, Cold Forming Section, Refractory Plant, Oxygen Plant and Thermal Power Plant. Products manufactured by Steel Plant are Pig Iron, Billets, Cold Rolled Sheets. Hot Rolled Sheets and Galvanized Sheets. An Iron Ore and Coal Berth constructed and owned by PQA and leased to PSMC.