In 2011, the steel mill was placed under the direction of state ownership, expanded and restructured, the board of directors would be restructured and expanded, from the current nine members to twelve members and the approval of another rescue plan.  In a few weeks, the private sector voluntarily ceded the operation of steel mills to the state, a move widely appreciated by public society and workers` unions.  As the steel mills` infrastructure and available capacity are state-owned, they have been restructured and expanded.  In 2012, Ukraine announced that it would provide the necessary technological development and assistance for the re-establishment of the raw material supply chain after reviewing the performance of steel mills. The Ukrainian ambassador quoted: “For the large operational units of Pakistan Steel Mills is remarkable.”  Ukrainian Ambassador Volodymyr Lakomov said Ukraine was interested in establishing trade relations with Pakistan and that the PSM steel plant would be a “symbol of friendship” between the two countries.   Pakistan Steel Mills was established in the 1970s as an integrated steel mill under a program called the nationalization program.  The foundation stone of this gigantic integrated project was laid on December 30, 1973 by Prime Minister Zulfiqar Ali Bhutto.  The gigantic construction and construction work of the integrated steel plant, which has never taken place before in the country, was carried out by a consortium of Pakistani construction groups under the supervision of Soviet and Pakistani experts. Khaja Inayath Ullah was Director of Operations and Chief Engineer of this project. (Blast Furnace 1&2 & RMPP) Pakistan Steel Mills Corporation (Pvt.) Limited (Urdu: پاکستااڍایللز), also known as Pak Steels, is a manufacturer of long-term steel and heavy metal products and units in the country.
 These steel mills are both public and private steel mills in different Chinese provinces and municipalities. Privatization has had a disastrous impact on steel mills and has been lost by the private sector due to its inability to operate such large steel companies.  In the private sector, steel suffered a loss of its net assets and a decrease in the steel mill`s production capacity. The Economic Coordination Committee (ECC) was forced to approve a bailout after the private sector, tuwairqi Steel Mills, withdrew its steel mill investments instead of creating another steel industry to compete with the steel plant.  The line-up includes China`s largest steel group, Baowu Steel Group, which received Fortescue`s first shipment of ore ten years ago, and its subsidiary Echeng. At an open auction in Islamabad, the Saudi-based al Tuwairqi Group of Companies consortium presented a $362 million bid for a 75% stake in Pakistan Steel Mills. The consortium, including the magnitogorsk steel plants (Russia); al-Tuwairqi (Saudi Arabia); and Arif Habib Securities (Pakistan) paid a total of 21.6 billion rupees ($362 million) or rupees. 16.8 per share to take control of Pakistan`s largest steel plant.  The Tuwairqi Group of Companies, one of the leaders in Saudi Arabia, has also launched a $300 million steel plant project in Bin Qasim. .