The government of Pakistan took a key decision regarding Pakistan Steel Mills privatization.
According to sources, Pakistan Steel Mills or PSM will be revived through the public private partnership.
The Ministry of Industries and Production had proposed two options to the ECC – putting PSM on the privatization list and hiring a transaction adviser for bid selection. The economic decision-making body had put the steel mill on privatization list. However, the government has started the process of reviving the steel mill through public-private partnership again.
Pakistan Steel Mills is non-operational since 2015 but Rs 400 million is still being spent on monthly salaries. “An expert is being delegated for Pakistan Steel Mills, who will assess whether the steel mills can be reestablished or not,” said Mian Muhammad Soomro, including that comparable was the situation of the Pakistan International Airlines as it had no planes.
NA Standing Committee on Privatization Chairman Mustafa Mehmood said he was supportive of privatization.
The government minister stated, “The Privatization Commission does not choose about the privatization of an establishment. Just those foundations, whose names are sent to the commission, are privatized.”