{"id":61585,"date":"2020-02-18T14:30:08","date_gmt":"2020-02-18T09:30:08","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61585"},"modified":"2020-02-18T14:34:16","modified_gmt":"2020-02-18T09:34:16","slug":"govt-to-hold-psm-ownership","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-to-hold-psm-ownership.html","title":{"rendered":"Govt to retain control of Pakistan Steel Mills; partial revival on the cards: PSM Chairman"},"content":{"rendered":"\n<p>Karachi: Pakistan Steel Mills (PSM) Chairman Aamir Mumtaz recently revealed that the country\u2019s &#8216;only mill that can mold iron ore into steel&#8217; will remain under the administrative control of the government \u2014 with the mill administration looking to reactivate some of its production facilities in order to generate income until the executive finds a strategic investment partner for the project, according to a news source.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/china-pakistan-discuss-inclusion-psm-cpec-framework.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"China, Pakistan discuss inclusion of PSM in CPEC framework (opens in a new tab)\">China, Pakistan discuss inclusion of PSM in CPEC framework<\/a><\/p>\n\n\n\n<p>Speaking to the media, Chairman Mumtaz said that the PSM administration was in talks with tinplate producers, auto manufacturers, and other companies to restart commercial operations for fabrication, coal jetty and molding procedures. The Government of Pakistan has decided to handover the PSM to a consortium of investors on a repair, operate and transfer (ROT) basis. In this regard, Russian, Turkish and Chinese firms have expressed their interests; while some more firms from America and Europe are also interested in the project. <\/p>\n\n\n\n<p>The strategic partners are expected to bring operating capital required for various functions in the PSM and expand its capacity from the existing 1.1 million tons to 3 million tons. For this purpose, the required investment to revive the steel mill and enhance its capacity ranges between USD 500 million to USD 1 billion. The PSM chairman further mentioned that the partners would also be responsible to revive and operate the project by bringing in their own team. <\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/russia-provide-usd-1-bn-rehabilitate-pakistan-steel-mills.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Russia to provide USD 1 bn to rehabilitate Pakistan Steel Mills (opens in a new tab)\">Russia to provide USD 1 bn to rehabilitate Pakistan Steel Mills<\/a><\/p>\n\n\n\n<p>The chairman also hinted that there will be downsizing as the mill is \u2018heavily overstaffed\u2019. He added that the \u2018right person\u2019 needed to be hired to perform the \u2018right job\u2019. <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: Pakistan Steel Mills (PSM) Chairman Aamir Mumtaz recently revealed that the country\u2019s &#8216;only mill that can mold iron ore into steel&#8217; will remain under the administrative control of the government \u2014 with the mill administration looking to reactivate some of its production facilities in order to generate income until the executive finds a strategic investment partner for the project, according to a news source. Read: China, Pakistan discuss inclusion of PSM in CPEC framework Speaking to the media, Chairman Mumtaz said that the PSM administration was in talks with tinplate producers, auto manufacturers, and other companies to restart commercial operations for fabrication, coal jetty and molding procedures. The Government of Pakistan has decided to handover the PSM to a consortium of investors on a repair, operate and transfer (ROT) basis. In this regard, Russian, Turkish and Chinese firms have expressed their interests; while some more firms from America and Europe are also interested in the project. The strategic partners are expected to bring operating capital required for various functions in the PSM and expand its capacity from the existing 1.1 million tons to 3 million tons. For this purpose, the required investment to revive the steel mill and enhance&hellip;<\/p>\n","protected":false},"author":77,"featured_media":56667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013],"tags":[14007,14375,40],"persona":[],"class_list":{"0":"post-61585","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"tag-details-on-china-pakistan-discuss-inclusion-of-psm-in-cpec-framework","9":"tag-details-on-russia-to-provide-usd-1-bn-to-rehabilitate-pakistan-steel-mills","10":"tag-karachi","11":"cat-15013-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt to hold PSM ownership; partial revival likely - Zameen News<\/title>\n<meta name=\"description\" content=\"Pakistan Steel Mills (PSM) Chairman Aamir Mumtaz recently revealed that the country\u2019s &#039;only mill that can mold iron ore into steel&#039; will remain under the administrative control of the government.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-to-hold-psm-ownership.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt to hold PSM ownership; partial revival likely - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Pakistan Steel Mills (PSM) Chairman Aamir Mumtaz recently revealed that the country\u2019s &#039;only mill that can mold iron ore into steel&#039; will remain under the administrative control of the government.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-to-hold-psm-ownership.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-18T09:30:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-18T09:34:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2019\/10\/Pakistan-Steel-Mills.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gohar Aslam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gohar Aslam\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Govt to hold PSM ownership; 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