Metals and Mining
Company Overview of Pakistan Steel Mills Corporation (PVT) LTD.
Pakistan Steel Mills Corporation (PVT) LTD. manufactures and sells steel products in Pakistan. Its products include steel billets; hot rolled carbon steel coils, sheets, strips, and plates; cold rolled sheets/coils; galvanized sheets; formed sections; foundry grade and conversion grade pig iron; metallurgical coke; oxygen and nitrogen; refractory bricks; and by-products, such as coal tar, granulated slag, boulder slag, and ammonium sulphate. The company also offers services, including engineering design, electronics, electrical, mechanical, metallurgical, engineering testing, and electrical testing and calibration services. It sells products through a network of dealers. Pakistan Steel Mills...
Founded in 1968
Key Executives for Pakistan Steel Mills Corporation (PVT) LTD.
Chief Executive Officer and Director
Acting Chief Finance Officer
Acting Principal Executive Officer of Commercial Directorate
Principal Executive Officer of Production Directorate
Acting Principal Executive Officer of A & P Directorate
Compensation as of Fiscal Year 2015.
Pakistan Steel Mills Corporation (PVT) LTD. Key Developments
Sindh Government Reportedly Eyes Acquisition Of Pakistan Steel Mills
Oct 5 15
Daily Times reported that Sindh Government mulls the acquisition of stake in Pakistan Steel Mills Corporation (PVT) LTD., (PSM) from the Central Government. The sources said for the time being it was not decided whether the central government would announce open bid for sale or barely offer the PSM to the Sindh government. The Sindh administration would put sale proceeds of lucrative additional land into the PSM to revitalise its financial health, the experts added.
Privatization Structure For Pakistan Steel Mills Approved
Oct 2 15
On October 1, 2014, the Privatization Commission (PC) approved the transaction structure for the sale of 75% stake in Pakistan Steel Mills Corporation (PVT) LTD. It recommended the government to retain PKR 142 billion in liabilities and the entire land area, but transfer operating assets and regular employees-related liabilities to the buyer. The transaction structure needs to be approved by the Cabinet Committee on Privatization. Among the liabilities, the buyer will bear the burden of PKR 28 billion worth of liabilities of regular employees and other liabilities of PKR 13.7 billion related to K-Electric and trade creditors. Non-core assets of PSM like medical facilities, academic institutions, housing society, fruit farms, parks, commercial outlets, other facilities and staff employed in such facilities and businesses will be left with the government. A consortium comprising Pak-China Investment Bank, China Development Bank Securities Co., Ltd., Ferguson and Co, Cornelius, Lane and Mufti, Abacus Consulting, Sino Steel and Iqbal Nanjee and Co came up with the transaction structure. The government aims to finalize the sale process by December 2015, but it is likely to miss the deadline.
Chaudhry Aitzaz Ahsan Opposes Privatization of PSM
Sep 28 15
Senate Chaudhry Aitzaz Ahsan, leader in opposition warned the government that any attempt to privatize Pakistan Steel Mills Corporation (PVT) LTDwould be resisted, source said to research analyst-PAGE. The warning follows after a delegation formed by senior managements of Pakistan Steel Mills Corporation (PVT) LTD. and Pakistan's Privatization Commission comes to China to find investors for privatization of Pakistan Steel Mills.
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