China, Russia showing interest in acquiring Pakistan Steel Mills

February 21, 2019: Secretary Industries and Production, Azhar Ali Chaudhry says a number of companies from China and Russia are showing interest in acquiring Pakistan Steel Mills.

Briefing Senate Standing Committee on Industries and Production in Islamabad, he said the government had delisted the PSM from privatization.

The meeting of the committee was presided over by Senator Ahmed Khan.

The secretary informed the committee that the losses of Steel Mills had accumulated to over 212 billion rupees and an expert group had been formed for restoring the production at its full capacity.

Expressing reservations over closure of the Pakistan Steel Mills, the committee said billions of rupees were being spent on account of salaries and other expenditures, however, the PSM was showing zero output for last four years.

The committee also decided to visit on site in Karachi.

Meanwhile, Project Director China Pakistan Economic Corridor Hassan Daud Butt briefing the committee, said the two countries had announced 2019 as the year of industrial cooperation to move forward under agreed programme of CPEC.

He said this year government had decided to launch four new Special Economic Zones including Rashakai, Allama Iqbal Industrial City, Dhabeji and Islamabad.

The CPEC project director said government is procuring the land as per market price for Special Economic Zones.

The committee formed a six-member sub-committee on the matter of Special Economic Zones.

Posted on: 2019-02-21T09:42:00+05:00