Pakistan interested in selling Pakistan Steel

The Pakistani government has invited foreign and domestic investors to express interest in acquiring Pakistan Steel Mills (PSM). PSM established a 100% privately owned subsidiary, Steel Corp, to revive the closed smelter.

The State Privatization Commission (PC), together with PSM (PSM), expects the investor to acquire 51-74% of Steel Corp's issued capital, together with management control.

“We have come a long way with the specific goal of revitalizing Pakistan's largest industrial facility that can operate at its best and contribute to the national economy,” said Privatization Minister Muhammad Mian Soomro.

PC has asked potential investors to submit an EOI in duplicate by September 30 with a non-refundable processing fee of $ 1,000, as well as key data about the investor's business. After receiving information about fees and details, the commission will send a “Request for Qualification Confirmation” to the interested parties. The deadline for submitting the "Qualification Statement" is October 15th.

PSM is the country's largest steel mill, wholly owned by the government of Pakistan. The existing capacity of PSM is 1.1 million tons /year with built-in expansion potential up to 3 million tons /year. The company's production divisions include a coke plant, a by-product plant, a sinter plant, a pig iron plant, a steel plant, a rolling mill, a hot and cold rolling mill, galvanizing, oxygen and thermal power plant. The main products include cast iron, billets, hot and cold rolled coils, and galvanized coils.