BaoSteel shows interest to help revive PSM, CCoP told
CCoP has been apprised by the officials that BaoSteel, the world’s largest steel producer, showed interest to help reviving PSM.
BaoSteel shows interest to help revive PSM, CCoP told
ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has been apprised by the officials that BaoSteel, the world’s largest steel producer, showed interest to help to revive Pakistan Steel Mills (PSM).
According to the state news agency, Federal Minister for Finance and Revenue Miftah Ismail chaired the inaugural meeting of Cabinet Committee on Privatisation (CCoP) yesterday.
The meeting was attended by Federal Minister for Privatization Abid Hussain Bhayo, Minister for Defence Khawaja Muhammad Asif, Minister of Interior Rana Sanaullah Khan, Shahid Khaqan Abbasi, Minister for Industries and Production Syed Murtaza Mahmud, Advisor to the PM on Establishment Ahad Cheema, Chairman Privatisation Commission Saleem Ahmad, Federal Secretaries, and senior officials of relevant ministries.
Chairman Privatization Commission (PC) presented the road map for current privatization programme for reaffirmation by newly constituted CCoP.
He presented government’s plans for revival of Pakistan Steel Mills (PSMC). The plan focuses on revival through significant foreign direct investment and technology transfer generating significant employment opportunities for qualified workers.
The committee was apprised of a recent successful due diligence visit by a team of BaoSteel, the world’s largest steel producer.
BaoSteel manufacturers 180 million tons of steel per annum and is one of four interested parties and plans to increase capacity of PSMC to 3 mtpa.
CCoP unanimously welcomed the prospect of PSMC revival, entailing commercial leasing of 1229 acres of land and jetty, and directed ministries of Industries & Production, Energy and Maritime to work with PC to remove all bottlenecks expeditiously.
