China Metallurgical Construction Corporation (MCC) on Saturday reiterated its willingness to provide financial and technical assistance for increasing the production capacity of Pakistan Steel.
"We are in process of negotiation with the officials of Pakistan Steel and we hope to finalise the deal for undertaking the expansion project," said Fengshan Wu, Vice-President of MCC.
He told APP in Beijing that they have already started preparing an expansion design of the proposed project. "We are waiting the response of the Pakistani side to take further steps," he added.
Fengshan held out an assurance that the MCC would extend all possible support making the development project of Pakistan Steel a real success. "While during business with Pakistan, we always kept high the spirit of friendship, trust and sincerity," he remarked.
He said: We are also looking forward discussing the matter with Lieutenant General Abdul Qayyum, the new chairman Pakistan Steel Mills."
According to the sources, the Chinese government has already assured Pakistan for arranging finances of $700 million for the Pakistan Steel's expansion project.
The MCC would provide the latest technology and expertise for the expansion at a minimum possible cost.
China is not only in a position to carry out expansion plan in most economical manner but it is also capable of transferring the latest technology.
The company has also agreed to provide some equipment to be used for the expansion project.