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Govt aims to revise Pakistan Steel Mills on fast track basis: Razak Dawood

Govt aims to revise Pakistan Steel Mills on fast track basis: Razak Dawood

ISLAMABAD: The Adviser to the Prime Minister on Commerce, Textile, Industry & Production and Investment Abdul Razak Dawood chaired a meeting on the revival of Pakistan Steel Mills (PSM). Representatives of  Mercury Group (Tyazhpromexport), REP Holding Russia, TMK Russia(Core Corporation Pvt. Ltd), Sinosteel Equipment & Engineering Co. Ltd, Essa Corporation (Engineers, Consultants & Suppliers), Karachi and MCC-Donghua Consortium participated in the meeting.

The adviser assured that the government aims to revive PSM on a fast track basis. The government will be rigorous in carving out a plan for the said revival, and the same will be implemented efficiently. The adviser informed the participating companies that the government would keep the whole process of revival of PSM transparent and competitive.

He informed the participants that the government will soon appoint a transactional adviser, who will be entrusted with the responsibility to develop a framework to ensure equal opportunity for potential bidders.

The PSM liabilities and different options to settle these liabilities were also discussed. The government intends to run the Pakistan Steel Mills on a public-private-partnership (PPP) model and not as a facility owned and operated solely by the Ministry of Industries & Production.

Some of the participating companies shared their respective proposals to revive PSM that were discussed in detail. The adviser appreciated the initial proposals and asked the participating companies to submit the proposals officially and assured them that the government will always be open to potential bidders for discussion and finalization of the revival plan of PSM on transparent and competitive basis.

The adviser gave his consent to the request of the participating companies to visit the PSM to assess its condition, which will assist them in formulation of their plans the revival of the PSM.