Local media reports suggest that the Government of Pakistan has received an offer of USD 1-1.5 billion for the purchase of majority stakes in Pakistan Steel Mills. According to local media reports, four Chinese companies met with the relevant authorities last week about the matter. Local media had reported that in Jul end, 3 Chinese pre-qualified bidders in race for acquiring 74% stakes in Pakistan Steel Mills Corporation BaoSteel Group's Xinjiang Bayi Iron & Steel, Tangshan Donghua Iron & Steel and Maanshan Iron & Steel have started their due-diligence processes and on-site visits. They were granted access to Virtual Data Room in March 2022 and they have been visiting PSMC for inspection & assessment of the steel plant, jetty, etc. Pakistan’s Privatization Commission has apprised Pakistan's Federal Minister & Chairman Privatization Mr Abid Hussain Bhayo. Officials told that the process of the meetings with the pre-qualified parties was underway and discussed various matters pertaining to PSM’s privatization. Mr Bhayo said “Privatization Commission should focus in order to resolve all the pending matters for the early revival of PSMC, as it is one of the biggest entities on the active privatization list, and has incurred huge losses to the national exchequer since 2015.”PSM is non-functional since 2015 and the government has decided to divest PSM's subsidiary Steel Corp’s 51% to 74% shares through a competitive and transparent bidding process for the revival of the PSM. Pakistan government is offering at least 51% or up to 74% shares capital of Steel Corporation together with management control through a bidding process and revive stalled entity and increase its production capacity to 3 million tonnes. Pakistan government has appointed Pak-China Investment Company and Bank of China International, as joint advisers for the transaction. 12 days long road show with national and international investors for the revival of Pakistan Steel Mills was held in September 2021.Headquartered in Karachi in Sindh, Pakistan Steel Mills Corporation has a production capacity of 1.1 million tonnes of steel capacity. Built with extensive contributions from the Soviet Union in the 1970s, it was among the largest industrial mega-corporation complexes in Pakistan. Located at 40 kilometers South-East of Karachi at Bin Qasim, PSM's main production units at 19,000 acre complex includes 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. The conveyor belt system was also established by PSMC for the transportation of materials from the Jetty to the Steel Plant. It also owns 1,229 acres of land.