ISLAMABAD (Web Desk) – A Chinese firm has expressed interest in acquiring Pakistan Steel Mills (PSM).

China’s Baosteel Group has written a letter to the federal government expressing its interest in the sale of PSM Dawn News reported.

The privatisation process is likely to be completed during the ongoing financial year 2016-17.

Baosteel Group has 19 subsidiary companies and total annual production of the company stands at 34 million tonnes.

The IMF has expressed reservations over the slow process of privatisation of PSM, after which the government decided to complete the process on a fast-track basis by June 2017.