Industries ministry tasked with reviving Pakistan Steel

After failing to get any buyer for the Pakistan Steel Mills (PSM), the government has decided to revive the country’s largest steel production unit through the Ministry of Industries and Production. The Senate Standing Committee on Industries and Production was informed on Thursday that three out of four Chinese companies vying for PSM withdrew their interests. MQM’s Khalida Ateeb, chairperson of the committee, inquired about the future of the PSM after it was taken off the privatisation list. Secretary Privatisation Division Jawad Paul briefed the committee that the PSM was included in the privatisation list on June 17, 2019, however, the Privatisation Commission Board in its meeting held on Oct 6 decided to halt the privatisation process. He added that having only one bidder raised concerns about transparency in the process. Mr Paul said that the Privatisation Commission Board decision has been forwarded to the federal cabinet and after its approval, the Ministry of Industries and Production will be the line ministry of the PSM to make it operational.