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April 18, 2015 8:07 PM ET

Metals and Mining

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

Company Overview

Pakistan Steel Mills Corporation (PVT) LTD. manufactures and sells flat steel products in Pakistan. Its products include billets, hot and cold rolled products, galvanized products, formed sections, pig iron, coke, and refractory bricks. The company’s by-products include oxygen and nitrogen, coal tar, granulated slag, boulder slag, and ammonium sulphate. It also offers engineering design, electronic, electrical, mechanical, metallurgical, engineering testing, and electrical testing and calibration services. The company sells its products through a network of dealers. Pakistan Steel Mills Corporation (PVT) LTD. was founded in 1968 and is based in Karachi, Pakistan with sales offices in Bin Qas...

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 Executive Director
Age: 58
Acting Chief Finance Officer
Director of Production
General Manager of I/c. (Technical Services)
Acting Principal Executive Officer of A&P/Commercial Directorate
Compensation as of Fiscal Year 2014.

Pakistan Steel Mills Corporation (PVT) LTD. Key Developments

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".

Pakistan Steel Mills To Be Privatized

The government said that it has received two bids from domestic banks for financial advisory services for the sale of the largest industrial complex of the country, Pakistan Steel Mills Corporation (PVT) LTD. By the end of the third deadline on Wednesday, two investment bank-led consortia filed bids in response to the expressions of interest sought by the privatisation commission for hiring a financial adviser for facilitating the sale of loss-making PSM. PC Chairman Mohammad Zubair confirmed that the commission had received bids from prospective financial advisers, but he did not disclose the number of offers. "Bids will be opened on Tuesday and the financial adviser will be on board next week."

Pakistan Government Mulls Privatization Of Pakistan’s Major Companies

The Pakistan government is looking for privatization of major Pakistan Companies. The Pakistan government said two investment bank-led consortia had filed bids in response to the expressions of interest (EOI) sought by the Privatisation Commission (PC) for hiring a financial adviser for facilitating the sale of Pakistan Steel Mills Corporation (PVT) LTD. Mohammad Zubair, Chairman of PC, talking to The Express Tribune confirmed that the commission had received bids from prospective financial advisers, but he did not disclose the number of offers. "Bids will be opened on Tuesday and the financial adviser will be on board next week," Mohammad Zubair said. Its next target is the offer of its remaining 42% stake in the Habib Bank Limited(KASE:HBL). PC expects to receive an estimated $1.36 billion from the sale of HBL shares, which it to complete in April 2015. The government is also looking to sell stakes in National Power Construction Corporation (Pvt) Limited (NPCC) and Heavy Electrical Complex (Pvt.) Ltd. (HEC). These are part of the four transactions that are targeted to be completed in the current year. NPCC is expected to attract a price of $ 19.58 million whereas HEC is valued at $9.8 million. "Due diligence of NPCC, Faisalabad Electricity Supply Company and Pakistan International Airlines Corporation (KASE:PIAA) are in progress," said Asad Rasool, Senior Consultant of PC. The conversion has been done using oana.com on January 17, 2015.

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