Pakistan Steel Mills (PSM)'s CEO leaves for a four-day visit to Iran for exploring the ways and means to get iron ore for national entity, Daily Times reported.
The delegation includes PSM CEO Major Gen (retd) Mohammad Javed, member board of director and conveyor Price Committee Abdul Jabbar, member board of PSM Nayyar Hussain Bukhari and General Manager Bulk Material Department PSM Shamsi Hasan.
A spokesman of PSM said the main purpose of visit was to finding possibilities for supply chain restoration of iron ore to PSM from Iran.
PSM is facing difficulties from importing iron ore from Australia, Canada, Brazil etc as it takes about 50-60 days long journey, expensive freight rates as compared to a 10-12 day cost effective journey from Iran.
PSM delegation will meet 5 Iranian companies during visit and discuss options through a barter deal for Iranian iron ore with metallurgical coke, which is produced by PSM.
The meeting includes discussing the payment for remaining 10 percent amount of two Iranian companies, blocked due to international sanctions from last two years, as 90 percent payment was cleared according to the planned schedule before the sanctions.