A four-member delegation of Pakistan Steel Mills (PSM) is reportedly visiting Iran from next week to work out modalities of procurement of iron ore as part of a barter deal that includes sale of wheat to Iran, well informed sources told from Karachi. The sources said Chief Executive Officer (CEO), Major General Muhammad Javed (retired) was to be part of President Asif Ali Zardari's entourage to Iran but he has been excluded from the delegation without citing any reason.

The proposed four-member PSM delegation will comprise of CEO, Engineer Abdul Jabbar Memon who is also chairman of board of price committee, Nayyar Hussain Haider and General Manager (bulk material department). "The committee is empowered to negotiate, procure as well as fix suitable price in addition to finalising freight arrangement and payment mechanism," the sources added.

Copyright Business Recorder, 2012