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arisen out of the judgment of the High Court of Sindh, Karachi dated 30th March 2006. As common question relating to the process of privatization of Pakistan Steel Mills Corporation (PSMC) is involved,

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The Pakistani steel industry was once dominated by Pakistan Steel Mills Corporation Limited (PSMCL) (which has a production capacity of 1.1m tons) but is now lying defunct on the backdrop of financial and economic losses it has suffered over the years.

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As a result on the 2nd of July, 1968 Pakistan Steel Mills Corporation was setup as a private limited company in the public sector in accordance to the Companies Act of 1913, with the objective to establish and run steel mills at Karachi and other places in Pakistan.

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Pakistan Steel Mills Corporation (PSMC)—once a highly profitable organization and considered one of the largest and sole steel producers in Pakistan—is on the verge of collapse and passing through critical stages of its survival.

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KARACHI: Origins The government never realised how much money a project as enormous as the Pakistan Steel Mills Corporation could bleed from the country if left in inept hands.

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