Only one bidder left for Pakistan Steel Mills privatisation

Three out of four parties from China that showed interest in acquiring Pakistan Steel Mills (PSM) are no longer interested in the transaction, ARY News reported quoting minister.

In a press conference, Federal Minister for Privatisation Fawad Hassan Fawad said out of the four Chinese companies group, only one is still showing interest in the privatisation of the mill.

He further said that the privatisation commission would continue discussion on the PSM in the light of recommendations of the financial advisor who were appointed in 2020.

The minister further clarified that the caretaker government would only continue the process of operation of the PSM and would not deal with the land of the PSM.

Yesterday, the Economic Coordination Committee (ECC) authorized Finance Division to approve the payment of projected net salary for the first six months of the Financial Year 2023-24 to be disbursed according to the salary demand of Pakistan Steel Mill (PSM) for every month from already approved budgetary allocation of Rs. 10 billion.

The ECC considered a summary of Ministry of Industries & Production regarding “Approval for Disbursement of Salary of Pakistan Steel Mill (PSM) Employees for the Financial Year 2023-24”.