KARACHI, July 3: Pakistan Steel has singed a new contract with Sesa Goa Limited, India, for the annual procurement of 1,170,000 tons of iron ore.

Evaluation of offers was conducted by Pakistan Steel Technical Scrutiny Committee, and these evaluations were time and again deliberated and considered in 10 meetings of the government of Pakistan appointed high-level price negotiation committee.

A press release issued by Ahmed Jaffer and Company, claiming principal of Sesa Goa Limited, India, said the evaluation of offers and considerations were spread over a period of 24 months and finally the transparent decision to award contracts based on the lowest prices and recommendations of the price negotiation committee was taken by the competent authority. In this tender the Indian company has offered lowest prices. Pakistan Steel will save Rs394 million.