Fed govt directs to expedite PSM revival, establishment of subsidiary

ISLAMABAD: Federal government has directed all concerned institutions to expedite the process of the revival of the Pakistan Steel Mills (PSM) and establishment of its subsidiary, ARY NEWS reported on Wednesday.

A weekly-review meeting for the revival of the PSM was jointly headed by Federal Minister for Privatization Muhammad Mian Soomro and the newly-appointed Minister for Finance Hammad Azhar.

The meeting was briefed on the progress made on the revival plan besides also discussing the establishment of a new subsidiary for the steel mills. The federal ministers directed all concerned institutions to expedite the revival process.

Speaking on the occasion, Muhammad Mian Soomro said that measures have been taken to revive the national asset in the prescribed timeframe. “We are working for improving the economy of the country,” he said.

In one of the previous meetings headed by both the ministers, Mohammad Mian Soomro and Hammad Azhar, they were briefed on progress as per the approved transaction structure of Pakistan Steel Mills.

In this regard, different companies of China, Russia and Korea have shown interest, according to a statement released by the privatization ministry.

Speaking on the occasion, the minister said that government will make every effort to resolve all issues so that the transaction can be completed on time. “We must strictly follow the timeline and complete the task in the defined period,” said Soomro.