Inter-Ministerial Meeting on revival of Pakistan Steel Mills Corporation held today

March 3, 2021: An Inter-Ministerial Meeting on revival of Pakistan Steel Mills Corporation (PSMC) held today in Islamabad.

The meeting was co-chaired by the Federal Minister for Privatisation Mohammedmian Soomro and Minister for Industries and Production Muhammad Hammad Azhar. Federal Secretary Privatisation, Additional Secretary Industries, other senior officials of the Ministry and Steel Mill also attended the meeting. Chairman Pakistan Steel Mills, Chairman Port Qasim Authority (PQA) and federal secretary industries participated via video link.

In the meeting, various issues relating to the formation of new subsidiary by the PSMC, carving out of Key Operating Assets (KoA) and Core Land including verification and Fair Market Valuation (FMV) of plant & machinery, stock-in-trade, bifurcation and certification of Key Operating Assets, completion of audit of financial statements for up-to 31th December, 2020 were discussed. The matter regarding renewal/transfer of utility connections to new subsidiary and settlement of out-standing dues of SSGC was conversed in the meeting.

Restructuring /settlement of NBP and other banks liabilities and obtaining NOCs from lenders was also part of the discussion.

The issues of Jetty and right of way between PSMC and Port Qasim Authority was also discussed in detail.

Press Release