Pakistan Steel Mills gets an international offer from leading Global Group

Pakistan Steel Mills gets an international offer from leading Global Group
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ISLAMABAD - Pakistan Steel Mills (PSM) gets an international offer as World leading Chinese Groups has expressed interest in Pakistan Steel Mills.

China First Metrological Group Co. Limited (CFMCC) has expressed interest to restore and improve the state-owned mill which has been lying idle since the mid of 2015.

According to a report in an English daily*, *the scheduled meeting of the PSM board has been cancelled two times without any specific reason.

However, as per insiders claim no one is willing to shoulder the responsibility for PSM’s restoration plan afraid the National Accountability Bureau (NAB) may become active against its board.

PSM has remained without any active leadership in its ranks with the positions of CEO and CFO lying vacant.

CFMCC in its letter of intent (LoI) has said it is a big state-owned enterprise and China Metallurgical Group Corporation holds shares in the company, which is amongst the top 500 companies globally.

Economy