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July 04, 2015 4:36 AM ET

Metals and Mining

Company Overview of Pakistan Steel Mills Corporation (PVT) LTD.

Company Overview

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...

Bin Qasim

Karachi,  75000

Pakistan

Founded in 1968

Phone:

92 21 992 6422 2

Fax:

92 21 347 5015 6

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
Age: 59
Acting Principal Executive Officer of A & P Directorate
Compensation as of Fiscal Year 2015.

Pakistan Steel Mills Corporation (PVT) LTD. Key Developments

Pakistan Steel Mills Privatization Likely By 2015 End

Last week, government officials held preliminary meetings to discuss the privatization of Pakistan Steel Mills Corporation (PVT) LTD. (PSM). The sale is expected by the end of 2015, officials said on June 9, 2015. Muhammad Zubair, minister of state for privatization said: "We had a kick-start meeting last week, or about 10-days ago. The government is committed to privities the entity by December 2015 - January 2016" if all remains well - particularly on political front." He added that the government of Pakistan has started "soft marketing" of the steel complex, however, declined to share details of the planned privatization. "It will be too early to share information on PSM transaction," he said. Earlier, the government was considering multiple options for its privatization, including selling minimum 26% stake with management right. A consortium consisting of China Development Bank Securities Co. Ltd., Pak China Investment Company Limited, Iqbal A Nanjee & Co. Pvt. Limited, Sinosteel, Abacus Consulting Technology (Pvt.) Ltd., Cornelius, Lane & Mufti & PWC CA are advising on PSM privatization. Sources said a team of the financial advisor would start visiting plants and machinery of the PSM from June 10, 2015. All departmental heads have been advised to provide data required to the financial advisor for evaluation.

PC Reportedly Appoints Financial Advisor To Sell PSM

Privatization Commission (PC) has reportedly approved $100 million notional value of Pakistan Steel Mills Corporation (PVT) LTD. (PSM) and appointed consortium of Pak China Investment as financial advisor to prepare PSM for sell-off, sources close to Chairman of PC, said.

Pakistan Provides Privatization Plans & Will Finalize NPCC Offer By May, IMF Assured

The government is planning to privatize National Power Construction Corporation (Pvt) Limited (NPCC) by the end of May 2015 after the privatization of three entities within ongoing fiscal year. The privatization of NPCC could generate two billion rupees, according to certain sources. According to the Memorandum of Economic and Financial Policies, government appointed financial advisors for Northern Power Generation Company Limited and expect to complete the transaction by end-October 2015. The three other entities which will be privatized by the end of the year are Faisalabad Electric Supply Company Limited, Islamabad Electric Supply Company Limited and Lahore Electric Supply Company Limited. With respect to Pakistan International Airlines, Pakistan stated to IMF, "We have appointed financial advisors in July 2014 (structural benchmark) to seek potential options for restructuring and strategic private sector participation in the core airline business by end-December 2015 (structural benchmark). The diligence process will be completed by end-March 2015. Plans for private participation will be developed thereafter." The government of Pakistan also shed light on the plans for Pakistan Steel Mills Corporation (PVT) LTD. by saying, "We have appointed a professional board and a new chief executive officer and approved a comprehensive restructuring plan to prepare for potential strategic private sector participation in the company. Operational efficiency has begun to improve and capacity utilization has already climbed from 18 to 40 percent. In January 2015, we advertised for appointment of financial advisors, however, it was disqualified during the evaluation process. We have re-advertised on February 15, 2015 and expect to complete the appointment of financial advisors by end March 2015 so that the due diligence process can be initiated".

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