November 14, 2001	Wednesday	Shaba’an 27, 1422

ISLAMABAD, Nov 13: The Ministry of Industries and Production has expressed its serious concern over the declining sale of the Pakistan Steel, and called upon its authorities to look into the issue immediately.

Official sources said here on Tuesday that Minister for Commerce, Industries and Production Abdul Razak Dawood will chair a special meeting of the Board of Directors of the Pakistan Steel at Karachi on Wednesday to discuss its two-year performance.

The meeting will also discuss various proposals to increase both the production and sale of the organization. The new board was constituted by the minister for commerce.

Secretary, Industries and Production Dr Akram Sheikh will present his report and various measures, so far taken, to improve the performance of the PS.

The ministry has sought explanation for reduction in sale. There had been Rs1.5 billion shortfall in sale. The Mills’ sale was Rs4.5 billion this year compared to last year when it had reached to Rs6 billion.

Sources said that the Mills’ authorities were maintaining that sale has reduced due to various tariff anomalies which had not so far been removed despite President Pervez Musharraf’s instructions to the officials of the ministry.

Chairman of PS, Lt-Col (Retd) Muhammad Afzal had met the president after the presentation of the budget in June and told him about the anomalies in the federal budget, which, if not removed, the sale of PS will go down.

The PS chairman has also reportedly told the ministry of industries and production that his organization would not be able to pay off Rs2.6 billion loans of the banks this year due to reduction in sale. Also, he said, repair and Balancing, Modernization and Replacement work will also be affected this year for want of funds. PS had also paid Rs2.7 billion to lay off 7000 employees through Voluntary Separation Facility (VSF).