Pakistan Steel Mills to Shortly Receive A First-Hand Subsidiary
By the end of this month, Pakistan Steel Mills (PSM) will likely be established, removing the enormous responsibility of clearing the bleeding mill of all debts.
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According to the SC, this initiative will help attract a strategic private investor to provide much-needed capital investment, allowing the current PSM plant to be revived to its production capacity of 1.1 million tonnes per year. This capacity will be gradually increased to 3 million tonnes per year by introducing efficient modern technology, and it will also create job opportunities for trained and qualified manpower.
In an effort to secure the PSM’s future, Federal Privatization Minister Mohammadmian Soomro made an ambitious proposal to a three-judge bench presided over by the Chief Justice of Pakistan Gulzar Ahmed.
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The payment of the Sui Southern Gas Company’s (SSGC) overdue obligations, the restructuring and resolution of bank liabilities, and the acquisition of no-objection certificates from lenders were also on the agenda for the meeting.
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