According to recent reports, 3 Chinese companies including the Metallurgical Corporation of China have shown interest to revive Pakistan Steel Mills. As a state owned company in the iron and steel industry, Metallurgical Corporation of China is one of the earliest Chinese companies to operate businesses and projects in Pakistan. In 1990, Metallurgical Corporation of China managed the construction of the Saindak Copper-Gold Mine based on an engineering, procurement and construction contract. Saindak Copper-Gold Mine has made a steady profit for 18 consecutive years, becoming a major driver of the local economy and praised by governments on both sides as a model of China-Pakistan economic cooperation. Metallurgical Corporation of China Chairman Mr Guo Wenqing has met Pakistan’s Prime Minister Mr Imran Khan to discuss cooperation and prospects of joint ventures in energy, industrial and various other sectors.Last year, six Russian firms including the METPROM Group, four Ukrainian entities including Ukrainian National Foreign Economic Corporation, one American firm and three Pakistani companies also expressed interest in running the facility.Pakistan Steel Mills has the capacity to expand to produce three million tonnes of cold and hot-rolled steel annually. The plan includes creating a new subsidiary, Steel Corp Limited, on the premises of the Pakistan Steel Mills to offer the mammoth industrial unit to foreign investors. Instead of selling or privatising the Mills, the government aims to revive the operation and production of the unit with the help of foreign investors to meet the growing local demand for steel. Pakistan's annual steel demand stands at about eight million tonnes whereas local production fluctuates in the range of three to four million tonnes.