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February 13, 2016 6:35 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 To Be Delayed

Pakistan Steel Mills Corporation (PVT) LTD. privatization will take some more time. Sindh Government has sought more time from the federal government to decide. Federal government had given Sindh government a deadline of January 21, 2016, but Sindh government asked for additional time.

Pakistan Assures IMF Of Stake Sale In PIA And Others In 2016

Pakistan is looking to sell stakes in firms in 2016. The government has assured International Monetary Fund (IMF) of privatization of Pakistan Steel Mills Corporation (PVT) LTD. (PSM), Pakistan International Airlines Corporation (KASE:PIAA) (PIA) and State Life Insurance Corporation of Pakistan Limited (SLIC) in 2016. Pakistan has provided a roadmap of the privatization spree under IMF's Economic Reforms Program. According to the blueprint, PSM would be privatized by September 2016. While by June 2016, at least 26% shares of PIA would also be sold. Meanwhile, the government is planning to sell 10% -15% shares of SLIC, 40% of Kot Addu Power Co. Ltd. (KASE:KAPCO) and 18% of Mari Petroleum Company Limited (KASE:MARI), in 2016. On the other hand, PIA employees have strongly opposed the privatization. Pakistan Unity Union's organizing secretary, Amir Dar had said that they have no option but to protest as the government did not meet its promises.

Update On Pakistan Steel Mills Corporation Privatization

The privatization of Pakistan Steel Mills Corporation (PVT) LTD. has finally drawn the attention of Sindh government but it is reluctant to take any decision to acquire the mills without going through the details of its assets and balance sheet. Provincial Minister for Finance and Energy Syed Murad Ali Shah responding to the letter of Chairman Privatization Commission of Pakistan Mohammad Zubair which he had addressed to Sindh Chief Minister Syed Qaim Ali Shah, has categorically said that the Sindh government had never approached the federal government for acquiring the strategic asset of Pakistan Steel Mills. Murad Ali Shah further says in his letter to the chairman privatisation commission dispatched today that the offer made by the Privatisation commission could not be considered in the absence of adequate information. He requests the federal government to help the Sindh government in making a fair decision by providing necessary information of the assets. Murad Shah has also drawn the attention of the federal government towards the Supreme Court of Pakistan'sConstitution and Civil petitions wherein the Supreme Court had observed that it would be in order if the matter (Privatisation of PSM) is referred to the council of Common interests for consideration.

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