Hon Rampage,
Iron/steel manufacture is about 3000 years old and even modern processes such are Arc Furnace & Oxygen Furnace do not classify as ‘Rocket Science’ hence technology is not a problem. The problem is production cost and the economy of scale.
Chinese steel plate is currently the cheapest in the world. Firstly because of the lower labor cost and secondly because the rapidly expanded Chinese steel production resulted in surplus capacity. This is evident from the fact that Chinese steel output increased from about 66-million tons in 1990 to more than 800-million tons by 2014.
Western Steel Manufacturers are unable to compete and several Steel Mills have been forced to close down. Steel manufacturers have been accusing China of ‘Dumping’ that is, selling at a loss to keep their labor force employed, for quite some time. India, Indonesia & the USA have increased import duty on Chinese steel imports to support the indigenous steel industry.
PSM is 50 years old and needs a complete renovation. Capital outlay for modernization of an integrated steel mill like the PSM would be at least $1-billion if not more. (In Dec 2018, Vedanta Group of India announced setting up of 1-million ton capacity Steel plant in Jharkhand for $3.13-billion)
IMHO, it would be close to impossible to find a Pakistani entrepreneur to risk that level of money into renovating PSM. However, steel being the backbone of the industry, you would not like to depend entirely on imports. I would, therefore, say that seeking Chinese assistance is a very good option. But would China accept this offer?