According to a Pakistan Steel's spokesman, the chairman Pakistan Steel hoped that the Russian company would send a reasonable offer duly supported by their government. The same offer would also be analysed and thoroughly examined by technical consultants and professionals of Pakistan Steel. After that the offer would be approved by the PS's board of directors and then it would be finalised by the government of Pakistan, the spokesman mentioned. He further pointed out that in case Pakistan Steel and the company did not reach to an agreement as laid down in the MoU, then Pakistan Steel would exercise the option of floating open international tender, depending on the progress of privatisation and government directions.
He explained to the visiting delegation that in line with the government of Pakistan's visionary policy of deregulation and privatisation, Pakistan Steel had been placed on fast track privatisation list. However, in view of critical condition of 25 years old plant essential revamping, already planned and approved by the ministry of industries and production and planning division would be initiated soon after the ratification of the plan by board of directors of the Pakistan Steel, he added. He said that the revamping would not only avert the possibility of fatal accidents but also enhance present production capacity by nearly 400,000 tonnes per year, enabling government of Pakistan to fetch more capital on privatisation.
The visiting delegation comprising Russian Ambassador Eskove, Consulate General Karachi Mikhailov and the representative of Messrs Tyazhpromexport, Onegkine expressed keen interest of Russian government in the revamping and expansion project of Pakistan Steel and promised to expedite their response.