Pakistan Steel mills divided into two groups: excellent and bad

On Tuesday, a cabinet panel authorised the division of Pakistan Steel Mills (PSM) into two firms, and agreed to sell the new good enterprise’s majority interests in the face of increasing Government displeasure over the lack of progress in its privatisation.

The Cabinet Committee on Privatisation (CCOP), headed by Finance Minister Shaukate Tarin, ‘strengthened the proposed plan of arrangement as recommended by the PC Committee and authorised by the PC Board.’

The remark, however, goes against the decision by the CCOP to maintain ownership of the new excellent PSM – Steel Corp private limited – officials in the Express Tribune to make a substantial modification in the transaction structure agreed to by the PC board.

In order to prevent international disputes, the PC Board and the Minister of Industry had recommended that the Steel corporations’ ownership should be held by the PSM Corporation.

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