Monday, August 8, 2022

Plan to revive Pakistan Steel Mills presented before cabinet body

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ISLAMABAD: Chairman privatization commission has presented a plan to revive Pakistan Steel Mills before a cabinet body headed by Finance Minister Miftah Ismail, ARY NEWS reported.

The chairman presented the roadmap for the restoration of the steel mills along with recommendations that it could be revived with the help of foreign investment.

“Modern technology could also be transferred to Pakistan during the restoration process along with multiple job openings,” it said.

The committee was briefed on the visit of officials from the Chinese state-owned company Boa Steel to the Pakistan Steel Mills and their interest in investing in the project. “The commercial leasing of the 1229 acres of land owned by steel mills and a jetty are also part of the restoration plan.”

The cabinet body welcomed the restoration plan with the finance minister directing the industries, power division, and maritime affairs ministries to resolve concerning issues.

Read More: PRIVATISATION COMMISSION SEEKS APPLICATIONS FOR PSM’S REVIVAL

In addition, the committee also discussed a bid of Rs102 billion offered for the privatization of National Power Parks Management Company Limited (NPPMCL) and formed a sub-committee to further discuss the matter in-depth.

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