Chinese investments may breathe life into Pakistan Steel Mills

摘要

After the Pakistani government announced its decision to privatise the country’s largest steelmaker – Pakistan SteelMills (PSM), a Chinese investor has expressed interest in the troubled asset to bring it back to life in several years.The company interested in acquisition of the plant is China’s Sinosteel, who is ready to invest some $778 million in thePakistani enterprise during the next three to four years, a PSM representative told Metal Expert. The reason why theloss-making Pakistani asset has attracted the Chinese company is a possibility to increase the presence in thedomestic market amid a recovery of demand (up 36% last fiscal year that ended June 31, 2015) and to ramp upexports to neighbouring countries, market sources say.