Pakistan Steel Mills rejects SSGC’s land valuation

Amid delays in the resolution of legal issues, the board of directors of defunct Pakistan Steel Mills (PSM) has refused to accept the unilateral evaluation of its land by Sui Southern Gas Company Ltd (SSGCL). The board in its meetings held on March 29 and April 7 “has shown great concern over delay in issuance of No-Objection-Certificate (NOC) for transferring PSM’s core operating assets to Steel Corp Private Ltd (SCPL) and non-withdrawal of litigation,” wrote the PSM to the SSGCL last week. The board asked the SSGC to withdraw its litigation and issue the requisite NOC to transfer the PSM’s assets to the SCPL on an urgent basis to avoid further delay in PSM’s revival and privatisation process. It, however, warned that as this matter had been going on for over two years and PSM has acted in good faith to accommodate SSGC’s demands, “any further delay will force PSM to review its position, options and the terms it has offered to settle this matter”, said the letter.