China First Metallurgical Construction Group Co., Ltd has shown keen interest in the rehabilitation of Pakistan Steel mills (PSM). A letter of intent (LoI) has been issued by CFMCC to that effect. The Chinese company, in its LoI has stated that it is a super large stated-owned enterprise; its shares are held by China Metallurgical Group Corporation, one of 500 top companies of the world. CFMCC is mainly engaged in engineering general contracting, steel deep processing and development of real estate. It is authorized to directly engage in foreign trade and has the first-class qualification for general contracting of construction of metallurgical projects, house building projects, municipal public works and mechanical and electrical installation works, and for specialized contracting of construction of furnace and kiln projects, steel structure work, mechanical and electrical equipment installation works for metallurgical projects, high-rise building projects and etc.
The company claims that over the past 50 years since 1954, it has undertaken various projects in all periods of WISCO. The LoI states thst CFMCC understands that PSM is facing some operational and financial issues. With the recent developments of CPEC, steel products are essential requirements for development of Pakistan. In this regard CFMCC is very much interested to work with Pakistan for the development and rehabilitation of Pakistan Steel Mills.
After PSM went completely put of business, Economic Coordination Committee (ECC) of Cabinet on November 7, 2018 directed the Ministry to put up a plan for operationalization of PSM within 60 days, which prompted the Advisor to the Prime Minister on Commerce, Industries & Production, Textile and Investment to constitute the following Expert Group to propose various options for revival of the PSM:
(i) Business Experts Group Hubco; Khalid Mansoor, Syed Mahmood All, Ruhail Mahmood, Saleem Ullah Memon, Kamran Kamal, Zulfiqar Siddiqui;
(ii) Technical Experts, Wasif Mahmood-ISL, Dr Munir – Ayesha Steel, Akhtar Ali – Consultant Ex-GM Operations PSM;
(iii) Steel business – Towfiq Chinoy – ISL Zaigham Rizvi – Twarqi and Akhtar Ali-Consultant Ex Gm Operation
