By Raza Khan ISLAMABAD, Nov 05 (INP-WealthPK): The government has received positive responses from overseas companies for the revival of Pakistan Steel Mills (PSM). Under the revival plan through investment, the government plans to sell 51 to 74 per cent shares of the newly-created Steel Corp (Private) Limited, a subsidiary of PSM. Renowned investors’ consortiums from China, Russia and South Korea are showing interest in investing in the mills, Iftikhar Naqvi, Director General, Privatisation Commission, said while talking to INP-WealthPk. He said that a roadshow was held last month for international and local companies to apprise them about the government’s plan regarding the revival of PSM through investment. “A few of the overseas companies, including from China, are passionate about investing in Steel Corp (Private) Limited,” Mr Naqvi maintained. He said that representatives of overseas companies had also held meetings with Minister for Privatisation Muhammad Mian Soomro and officials of the Privatisation Commission, who briefed them on the mills’ revival. “All liabilities of PSM will remain with it and investors have been offered 51pc to 74pc shares of the new company for acquisition, which include 1,229 acres of land, plant and machinery,” Mr Naqvi said, adding the range of shares was approved by the federal cabinet. ‘’Interested parties have already started submitting Statement of Qualifications.’’ To a question regarding expected revenue to be accrued from the sale of the subsidiary’s shares, the Privatisation Commission director-general said the government expected to generate $ 1billion from the deal. “However, the revival plan is not all about revenue. The real objective is to save huge losses to the public exchequer and revive the steel mills,” he said. Mr Naqvi said that the process of PSM’s revival would be completed by April-May next year. He said the remaining land of about 17,000 acres would remain with PSM. The steel mill has been shut since 2015, but billions of rupees are being spent in payment of salaries to about 7,500 employees, besides meeting the overheads and administrative expenditures. However, the mills’ board has already took a decision about the retrenchment of all the employees. Mr Naqvi said the present production capacity of PSM was 1.1 million tons, which was extendable to 3 million tons annually. He added Pakistan imported steel to meet its annual demand of eight million tons as the local production was limited to 3 to 4 million tons. Back in 1971, an agreement was signed between Pakistan and the USSR for the construction of steel mills in Karachi. Under the agreement, the foundation stone of the mega project was laid on December 30, 1973. The construction of the mills was done mostly by the Pakistani firms under the supervision of the Soviet experts. The mills’ construction was completed in January 1985 at a cost of over Rs 24 billion.