Government announces to revive Pakistan Steel Mills by involving a private investor

Islamabad, November 28, 2020 (PPI-OT): Government has announced to revive Pakistan Steel Mills by involving a private investor. Addressing a news conference in Islamabad today, Minister for Industries and Production Hammad Azhar clarified that the land of the Steel Mills is not being sold out.

He said Pakistan Steel Mills has nineteen thousand acres of land, out of which there will be a lease agreement on twelve hundred to thirteen hundred acre of land to run operations of the Steel Mills. The Minister said this will be done in the most transparent manner as per privatization rules.

He said it will be our effort that an international player enters into a partnership with the government. Hamad Azhar clarified that the management control will be handed over to the private party. He said those being laid off from the Steel Mills will each be paid 2.3 million rupees on average. He said the pension dues of the Steel Mills employees from 2013 onward were cleared two weeks ago with an amount of twenty four billion rupees.

For more information, contact:
Ministry of Information and Broadcasting
Government of Pakistan
4th Floor, Cabinet Block, Pak. Secretariat, Islamabad, Pakistan
Tel: +92-51-9103557
Email: info@moib.gov.pk
Website: http://www.moib.gov.pk