ISLAMABAD: The Privatisation Commission has approved the handing over of Pakistan Steel Mills to private investors on lease of 30 years on the basis of revenue sharing. Sources said that two companies are in competition for taking control of Pakistan Steel Mills. One investor is from Iran and other is a consortium of Pakistan and China’s private sector. The meeting of the Privatisation Commission’s board was held on Tuesday in which it was decided that before going through the privatisation process of Pakistan Steel Mills; its restructuring would be accomplished according to the transaction structure proposed by its financial advisors. The proposed structure will be tabled in the Cabinet Committee on Privatisation on Monday.