Chinese firm Baosteel Group has expressed interested in the sale of Pakistan Steel Mills (PSM) as the PML-N speeds up the privatisation process on the back of International Monetary Fund reservations over the matter.
China’s Baosteel Group has written a letter to the federal government expressing its interest in acquiring PSM, sources told DawnNews.
The privatisation process is likely to be completed during the ongoing financial year 2016-17, the sources said.
Baosteel Group has 19 subsidiary companies and total annual production of the company stands at 34 million tonnes.
Pakistan Steel Mills along with Pakistan Railways and Pakistan International Air Lines are the prominent loss making entities of Pakistan which federal government had earlier plan to privatise.
Source: China – Pak Economic Corridor – CPEC