Pakistan Government’s Privatisation Commission has published an advertisement in newspapers asking for Expression of Interest for Pakistan Steel Mills revival from both national and international investors, to be submitted by September 30. A meeting of Privatization Commission board, which was held during last week, had discussed the agenda regarding the pre-qualification criteria of investors for Pakistan Steel Mills revivalThe advertisement says “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. The conveyor belt system established by PSMC (on right of way provided by PQA) for the transportation of materials from the Jetty to the Steel Plant.”The revival of PSM is one of the important objectives of Pakistan’s privatization plan, as the mills was not working since 2015 hence the government planned to bring foreign and domestic investors for the revival of largest industrial corporation. According to the approved transaction features approved by Cabinet Committee on Privatization the identified core operating assets would be transferred to the new subsidiary owned by PSM named Steel Corporation Private Limited and then the divestment of equity stakes of the subsidiary shall be 51-74% through bidding process.
Pakistan Government’s Privatisation Commission has published an advertisement in newspapers asking for Expression of Interest for Pakistan Steel Mills revival from both national and international investors, to be submitted by September 30. A meeting of Privatization Commission board, which was held during last week, had discussed the agenda regarding the pre-qualification criteria of investors for Pakistan Steel Mills revivalThe advertisement says “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. The conveyor belt system established by PSMC (on right of way provided by PQA) for the transportation of materials from the Jetty to the Steel Plant.”The revival of PSM is one of the important objectives of Pakistan’s privatization plan, as the mills was not working since 2015 hence the government planned to bring foreign and domestic investors for the revival of largest industrial corporation. According to the approved transaction features approved by Cabinet Committee on Privatization the identified core operating assets would be transferred to the new subsidiary owned by PSM named Steel Corporation Private Limited and then the divestment of equity stakes of the subsidiary shall be 51-74% through bidding process.
