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Korean Company Along With Russia & China Also Expressed Interest In Rehabilitating Steel Mills

Russia, China as well as a Korean company have expressed interest in rehabilitating Pakistan Steel Mills. The mills will be run under a public-private partnership and the production capacity will be increased from 1 million to 3 million tonnes.A meeting of the Standing Committee on Industry and Production of the National Assembly was held under the chairmanship of Sajid Turi. In a briefing at the meeting, the officials said that the government had decided that the steel mills would be run on public-private partnership and the production of Pakistan Steel Mills would be increased from one million to three million tonnes.

It was informed in the meeting that Pakistan Steel Mills would remain as the holding company of this company. Russian, Chinese and Korean companies are showing interest in Pakistan Steel Mills. A sub-committee will be set up for the privatization of Pakistan Steel Mills.It was informed in the meeting that non-core assets of Pakistan Steel Mills would be transferred to the subsidiary. Pakistan Steel Mills has 18,000 acres of land. Pakistan Steel Mills has 1268 acres of non-core land. Pakistan Steel Mills 1268 acres of land will be valued.

According to the meeting, the land and plant of Pakistan Steel Mills will not be sold. Various industries have been set up on 9,000 acres. Coreland will remain with Pakistan Steel Mills. The privatization of Pakistan Steel Mills will be completed by June this year. Committee member Osama Qadri said that instead of providing employment, the government was making people unemployed. This government came with a promise to run Pakistan Steel Mills. The current government is making money by selling assets.Agha Rafiullah asked whether the approval for privatization of Pakistan Steel Mills was obtained from CCI.  Steel mills employees were not given a golden handshake. The Prime Minister stood at the door of the steel mills and announced that the mill should be run.

Updated: January 6, 2021 — 3:56 pm

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