Three Chinese companies, including MCC, interested in reviving Pakistan Steel Mills
It is pertinent to note that the MCC is China's most significant steel and iron producer.
Three Chinese companies have shown interest in reviving Pakistan Steel Mills, which was once Pakistan’s largest steel manufacturing complex.
One of the companies interested in the revival process is the Metallurgical Corporation of China (MCC).
According to the MCC, the company is striving to become a model business for boosting cooperation between China and Pakistan by supporting the local economy and improving social welfare as well.
It is pertinent to note that the MCC is China’s most significant steel and iron producer.
MCC was one of the first Chinese enterprises to operate projects, as well as businesses, in the South Asian country.
In 1990, the MCC managed the construction of the Saindak Copper-Gold Mine in Balochistan.
The mines made a steady profit for 18 years and were praised by China and Pakistan as a thriving symbol of their cooperation.
The Chairperson of the MCC, Guo Wenqing, has met with the Prime Minister, Imran Khan, to discuss potential prospects of joint ventures in energy, industries, and various other sectors.
It had been earlier revealed by sources that the Government of Pakistan is expecting at least $1 billion in foreign investment by the end of this year to revive the steel mills.
Last year, it was revealed that Chinese, Russian, and South Korean investors are interested in reviving the Pakistan Steel Mills.
Pakistan Steel Mills has the capacity to expand and produce a whopping three million tons of cold and hot-rolled steel on a yearly basis.The current annual demand for steel in Pakistan stands at around eight million tons.
However, the local steel production varies in the range of three to four million tons.
The South Asian country fills this gap by importing steel from Japan —Land of the Rising Sun—and other countries.
However, the revival of Pakistan Steel Mills can help the government meet the local steel demand.
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