China expresses interest in buying Pakistan Steel Mills

China expresses interest in buying Pakistan Steel Mills

ISLAMABAD: China expresses desire to buy the Pakistan Steel Mills which Pakistan government wants to privatise due to the heavy financial losses the PSM has incurred in last few years.

Additionally the International Monetary Fund has also pressurised Pakistan government to privatise the loss making entities.

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Chinese firm Baosteel Group has expressed interested in the sale of Pakistan Steel Mills (PSM) as the PML-N speeds up the privatisation process on the back of International Monetary Fund reservations over the matter.

China's Baosteel Group has written a letter to the federal government expressing its interest in acquiring PSM, sources told DawnNews.

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The privatisation process is likely to be completed during the ongoing financial year 2016-17, the sources said.

Baosteel Group has 19 subsidiary companies and total annual production of the company stands at 34 million tonnes.

Pakistan Steel Mills along with Pakistan Railways and the Pakistan International Air lines are the prominent loss making entities of Pakistan which federal government had earlier plan to privatise.