Chinese, Russian, and Korean investors are showing interest in the revivalof Pakistan Steel Mills (PSM).
The government-owned organization is closed since 2015. The incumbentgovernment has already announced plans to revive the company throughPublic-Private Partnership.
According to the news reports, meetings are being held with potentialinvestors for the same purpose almost daily. These investors and interestedparties are from China, Russia, and Korea.——————————
A high-level meeting of the ministers and officials from the privatizationsegment was informed that the land valuation of PSM would be completed bythe end of this month while the Expression of Interest (EOIs) for PSM willbe sought in March this year.
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The loans and liabilities of PSM have climbed to Rs. 230 billion, and theaccumulated losses of PSM amount to Rs. 200 billion. The federal governmentalso has to pay Rs. 750 million for salaries and pensions of the PSMemployees.
Despite being non-operational, the federal government has had to pay Rs. 35billion in salaries since June 2013. However, now the government hasdecided to lay off the entire workforce of the mill. In the first phase ofthis plan, 4,544 employees of PSM have already been terminated.
