Sinosteel prepares proposals for revamping steel mill

All options will be discussed with Privatisation Commission.

ISLAMABAD: Chinese company Sinosteel has developed initiatives for the revamping, modernisation and expansion of plants and operations of the financially troubled Pakistan Steel Mills.

In a meeting with Federal Minister of Industries and Production Ghulam Murtaza Khan Jatoi here on Wednesday, a delegation of the company said it was also operating in India, Turkey, Iran, Australia, Canada and Nigeria and its production capacity had beaten demand.

The delegation briefed the minister of the company’s specialisation in energy, infrastructure and mining projects. Sinosteel is the second largest importer of iron ore in China.

According to the delegates, 60% of Sinosteel’s operations are in China and it is looking to expand overseas operations and Pakistan has always been a consistent partner in international cooperation.

The minister assured the delegates of full support and said once Sinosteel framed the proposals in detail, they could sit down and discuss all possible options for cooperation.

He, however, pointed out that the Privatisation Commission was working on selling the steel mill to the private sector, therefore, the industries ministry would have to discuss all proposals with the commission.

“Together they can come up with feasible options which will benefit both Pakistan and Sinosteel,” he said.

The minister suggested that the Chinese delegation should visit the mill and its facilities in order to have a better understanding of the avenues for cooperation. He also hinted at developing joint proposals as a possibility for cooperation.

Published in The Express Tribune, July 30^th, 2015.

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