[4] Headquartered in Karachi, Sindh, the PSMC is currently the largest industrial mega-corporation in Pakistan, having a production capacity of 1.1–5.0 million tonnes[5] of steel and iron foundries.

[10] Finally, the steel mills was brought back to government ownership and management under an inverse counter-measure Nationalization Programme[11] of Prime Minister Yousaf Raza Gillani.

One of the key reasons for PSM's downfall is widespread corruption after 2008 in management and CBA leaders, political recruitments, awarding of promotions and major posts on the basis of favoritism .

The initial idea and studies were conceived by the Council of Scientific and Industrial Research (PCSIR) and put forward the concept to the Five-Year Plans of Pakistan (1955–1960).

[4] Bureaucrats and scientists agreed upon a unified decision that the "Karachi Steel Project" would be sponsored in the state-public sector, under which a separate corporation sanctioned by the Companies Act, would be formed.

[4] In 1956, Krupp industries of West Germany offered to set up a steel mill based on Kalabagh iron ore, coal and most other minerals available within about 18 kilometres (11 mi).

(Blast furnace 1&2 & RMPP) The main production units were constructed with a host of infrastructure facilities involving unprecedented volumes of work and expertise.

Pakistan Steel Mills not only had to construct the main production units for 2.2 MTPY, but also a host of infrastructure facilities involving unprecedented volumes of work and expertise.

By estimating, including the heavy machinery, dividends, facilities, and external and internal assets, the market price of the land of the Steel mills are exceeding the amount of Rs.

[17] The completion of the steel mill was forced to stop due to liquidity crises and formally launched after 12 years by the then-President of Pakistan General Muhammad Zia-ul-Haq on 15 January 1985.

The Quaid-I-Azam Park, which spreads out over an area of 18 ha (45 acres), consists of a series of six interconnected lakes, lush green lawns and grassy terraces, colorful flower beds, fountains, life-size steel-made models of wild and marine animals, a jogging track, a bird sanctuary and mini-zoo, as well as a children's play and recreational ground and boating facilities.

[7] When the news reached the rest of the country, demonstrations and spontaneous protests began to take place against the government of Shaukat Aziz and sparked lengthy debates in parliament, which members of the opposition walked out of in disgust.

[7] The consortium involving Saudi Arabia-based Al Tuwairqi Group of Companies submitted a winning bid of $362 million for a 75% stake in Pakistan Steel Mills at an open auction held in Islamabad.

The consortium including the Magnitogorsk Iron and Steel Works (Russia); the al-Tuwairqi Group of Companies (Saudi Arabia); and the Arif Habib Securities (Pakistan) paid a total Rs.

[7] Tuwairqi Group of Companies, one of the leading business concerns in Saudi Arabia, also launched a $300 million steel mills project at Bin Qasim.

The group will set up Tuwairqi Steel Mills (TSM), a state-of-the-art steel-making plant in the southern port city of Gawadar, Pakistan.

The entire privatization programme of prime minister Shaukat Aziz came to a halt when the WATAN PARTY filed a petition under section 184 (3) through its Chairman Barrister Zafarullah Khan in the Supreme Court of Pakistan vide SMC No.

[20] On 23 June, a nine-member bench of the Supreme Court had annulled the sale of the country's largest industrial unit to a three-party consortium and had directed the government to refer the matter to the Council of Common Interests (CCI) within six weeks.

[20] PSM was deliberately destroyed by successive Governments to benefit the private sector Steel Mafia allegedly involved in more than $12 billion from 2005 to 2022 but persons at fault (beneficiaries & their facilitators in power corridors) remained unaccountable as yet.

[11] In a matter of weeks, the private-sector voluntarily handed over the operations of steel mills to government-ownership management, a move that was widely appreciated in public society and workers' unions.