ISLAMABAD: The Privatisation Commission of Pakistan has decided to privatise the Pakistan Steel Mills instead of reviving it, ARY News reported on Wednesday.
The decision has been taken by Advisor to Prime Minister (PM) on Finance Abdul Hafeez Shaikh during the meeting of the Economic Coordination Committee (ECC).
Sources said former finance minister Asad Umar had decided not to privatise the Pakistan Steel Mills.
The ECC has informed the Privatisation Committee about the decision.
The sources said the proposal to privatise the PSM would be presented before the privatization board. They said following approval by the privatization board, the summary will be sent to the cabinet’s privatization committee.
It is the second time that the PSM has been listed for privatization.
Read More: Asad Umar chairs ECC meeting, to decide future of Pakistan Steel
On April 8, a special meeting of Economic Coordination Committee (ECC) of the Cabinet had been underway here with former finance minister Asad Umar in chair.
The ECC meeting discussed the overall state of the national economy.
According to the sources, the meeting had taken a decision with regard to the future of the PSM.
A report regarding revival of Pakistan Steel Mills was presented in the ECC meeting, sources had said.
It is pertinent to mention here that Pakistan Steel, the country’s largest industrial complex is dysfunctional since June 2015.
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