Three Chinese companies including the Metallurgical Corporation of China (MCC) have shown interest to revive Pakistan’s largest steel manufacturing complex, Pakistan Steel Mills (PSM).
MCC is committed to being a model firm in strengthening economic cooperation between China and Pakistan by improving the local economy and assisting in the improvement of social welfare. MCC is one of the first Chinese firms to run operations and projects in Pakistan, as a state-owned iron and steel corporation.
According to China Economic Net (CEN), MCC oversaw the development of the Saindak Copper-Gold Mine in 1990 under an engineering, procurement, and construction contract.
The Saindak Copper-Gold Mine has been lucrative for 18 years, becoming a significant engine of the local economy and being lauded by both governments as “a model of China-Pakistan economic cooperation.”
Guo Wenqing, Chairman MCC had also met Prime Minister Imran Khan, to discuss cooperation and prospects of joint ventures in energy, industrial and various other sectors. Sources at the Privatization Commission of Pakistan said earlier that the government is expecting at least $1 billion in foreign investment by the end of the year to revive PSM.
