Friday, September 23, 2022
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Pakistan Govt Got Big Investment Offer For Pakistan Steel Mills

Pakistan government officials have received an offer of One Billion to One and A Half Billion Dollars in investment for Pakistan Steel Mills.

According to reports, “it has been determined to privatize the steel mills in the third fiscal quarter of the current fiscal year 2022-23.”

According to reports, Pakistan Steel had four pre-qualified companies interested in purchasing the company.

According to reports, the Pakistan Steel Mills’ shares were interested in being purchased by the Chinese state-owned corporation Boa Steel.

International investment firms who have been pre-qualified to bid have visited the steel factories.

According to insiders, the financial sheet of the steel plant will be cleaned, and its losses will be transferred to another firm.

One million tonnes of steel will be produced by steel mills in the first year following privatisation, followed by two million tonnes in the second year and three million tonnes in the third, according to sources.

It should be noted that in June of this year, the Chairman of the Privatization Commission made a offer to restart Pakistan Steel Mills to a cabinet committee under the leadership of Finance Minister Miftah Ismail.

The chairman outlined a plan for reviving the steel mills and said that it may be done with the assistance of foreign investment.

“The rehabilitation plan also includes the commercial lease of the 1229 acres of land held by steel mills and a jetty.”

Along with several job chances, “modern technology might also be transferred to Pakistan throughout the resurrection phase,” it stated.

The committee was informed about the visit of representatives from the Pakistan Steel Mills and their interest in investing in the project by Boa Steel, a state-owned Chinese firm.

Source: ARY News

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