ISLAMABAD, Sept 10: Baosteel, a Chinese company, has shown interest in setting up 300, 000 tons cold rolled steel plant in Pakistan.

The plant will be established in joint venture with Sapphire Group, this was stated by Director Strategy and Planning of Baosteel Dr. Lin Li in a meeting with chief executive officer of Engineering Development Board Abdul Hafeez Chaudhry on Monday.

The CEO briefed the six member Chinese delegation about increased demand in steel sector on account of economic growth in the country. He added that the gap between supply and demand was increasing and the government was desperate to fill it by encouraging foreign investment in this sector.

He especially mentioned the new projects such as Al-Tuwairqi and Aaysia steel mills. He said that the privatisation of Pakistan Steel Mill steel was expected next year and invited Baosteel to take part in its bidding.

It may be recalled that Baosteel had earlier made a bid for privatisation of PSM but later withdrew their bid due to shortage of time. Mr Chaudhry invited the Chinese company to invest in setting up a mini steel mill at Kalabagh. — Our reporter