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Chinese Firms Extending Support for Revival of Steel Mills in Pak

Islamabad: According to published reports, three Chinese companies have expressed interest in the revival of Pakistan Steel Mills (PSM), Pakistan’s largest steel manufacturing complex.

Read: NDMA Asked to Increased Residential Plots in New Balakot City

Metallurgical Corporation of China, according to sources, is among the firms that have expressed interest (MCC).

According to reports, the companies are willing to travel to Pakistan to assist in the revitalization of PSM. As a state-owned iron and steel company, MCC aspires to become a role model for promoting economic cooperation between Pakistan and China through the improvement of social welfare and the local economy.

According to the Privatization Commission of Pakistan, the government expects to attract USD 1 million in foreign investment by the end of the year for the revival of PSM. Russian investors were also reportedly interested in the revival of PSM.

Read: Punjab Government Yet to Approve Ring Road Project PC-1

In addition, PSM is reportedly capable of producing three million tonnes of cold and hot-rolled steel annually. According to the plan, Steel Corp Limited will form a new subsidiary that will be offered to foreign investors.
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