Sunday, April 14, 2024

Pakistan Steel Mills to Soon Receive a New Subsidiary

Pakistan Steel Mills (PSM) is likely to be established by the end of this month that will take away the whopping liability to make the bleeding mill free of all encumbrances.

This initiative will assist in attracting a strategic private investor to provide much-needed capital investment, allowing the current PSM plant to be revived to its production capacity of 1.1 million tonnes per year, which will be gradually increased to 3 million tonnes per year by introducing efficient modern technology, as well as generating job opportunities for trained and qualified manpower, according to the SC.

Federal Privatization Minister Mohammadmian Soomro proposed the ambitious proposal to a three-judge bench led by Chief Justice of Pakistan Gulzar Ahmed, which was hearing a case involving the PSM’s fate.

The meeting’s agenda also included the payment of the Sui Southern Gas Company’s (SSGC) unpaid debts, as well as the restructuring and resolution of bank liabilities and the securing of no-objection certificates from lenders.

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