September 22, 2014 8:37 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
Acting Principal Executive Officer of Technical Services Directorate
Director of Production
General Manager of I/c. (Technical Services)
Compensation as of Fiscal Year 2014.

Pakistan Steel Mills Corporation (PVT) LTD. Key Developments

Pakistan Steel Mills Reportedly Mulls Acquisition

Pakistan Steel Mills Corporation (PVT) LTD. has decided on the acquisition of explored iron ore mines at Nangar Parkar, Sindh, according to sources.

Privatization of Pakistan Steel Mills Delayed

The government of Pakistan has deferred the privatization of Pakistan Steel Mills Corporation (PVT) LTD. (PSM) for about one year, official sources said on March 29, 2014. An official of the federal ministry of industries and production said: "Senior officials have decided, in principle, to delay privatization of PSM for about one year. At present, they are interacting with officials of the mills and stakeholders with the objective of restructuring the mills." He added that Chief Executive Officer of PSM, Wasif Mahmood has held at least two meeting in the last 10 days with the chairman of the Privatization Commission Muhammad Zubair. He further stated that sale will earn no penny at this point of time when it is giving a nominal production of about 7% - 8%. He said: "The much-needed renovation will pave the way for the planned privatization."

ECC Decided Not To Inject Equity But To Sell Stake In Pakistan Steel Mills

Economic Coordination Committee (ECC) of the Cabinet has decided not to inject fresh equity in Pakistan Steel Mills Corporation (PVT) LTD. but to transfer its management to the private sector with the sale of 26% stake, Ghulam Murtaza Khan Jatoi, Federal Minister for Industries and Production in Pakistan said. "Members on board of the ECC have developed a consensus that the government will not inject fresh equity in Pakistan Steel Mills, but sell its 26% shares with the management right to the private sector," Jatoi added. The Ministry of Industries said that the government should have injected fresh equity in the mills but a final decision about the PSM future was in the hands of the ECC. "There are total nine ministers on the ECC board, while majority of them are against the proposal my ministry put forward for injecting equity in PSM," he said. "My ministry has put forward the proposal three times in the ECC meetings but it was not approved," he added.

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