Hammad Azhar briefed the Senate that 4,000 PSM employees had permanent status in 2010 and the industrial unit went into a loss.
The federal minister apprised that the Supreme Court has already sought a plan regarding the Pakistan Steel Mill.
"These companies are from China and Russia," Azhar mentioned, adding that the Mills could only be bought by an international company since local investors do not have the capability to do so." An investment of more than $1 billion is required to run the PSM," he told the Senate committee.
"International companies that have expressed interest in the privatisation of the PSM have toured the facility and some are serious about purchasing it.
