KARACHI – Federal government has decided to revamp the loss makingPakistan Steel Mills.
Federal government has initiated consultations with stakeholders to helpit revive the Pakistan Steel Mills, once the pride of the country’sindustrial output but now shut and bleeding cash.
Built by the Soviet Union in 1970s, the state-owned facility (PSM) hasbecome a huge drain on government resources and has not produced steel atits 19,000-acre facility since June 2015.
The Steel Mills has suffered decades of under-investment and would requirehuge upgrades to be competitive with steel makers in countries such asChina.
The plan is to start the operations at the complex before turning it intopublic-private partnership. PSM has accumulated losses of billions ofrupees and other outstanding debts.